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Bank of Canada chops borrowing costs to 50-year low$ L. H7 b7 a0 m5 p: W
Last Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend837 l) E1 X3 ~4 Y; o' f7 Z
CBC News* j# X2 L4 M, o9 W: ?
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The Bank of Canada chopped a key interest rate by three-quarters of a percentage point on Tuesday as the central bank moves to combat economic weakness.& T7 N B* k' n( r& x
: T5 |+ n# a9 x, l" V/ DWith the interest rate reduction — which was the biggest drop since one of a similar size in October 2001— the bank's overnight rate now stands at 1.5 per cent, a level not seen since 1958.8 z* [! L5 O6 \; X9 J( B( m
( G" K( ` ~: Z/ o8 ~" U"While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity," the bank said.
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"The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses."
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/ R! O: Q% v. ^; ~: oEconomists had been divided over whether the central bank would cut by one-half of a percentage point or go with a more aggressive reduction.; L$ }! D0 c- h o( d
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In the wake of the Bank of Canada's decision, the Canadian dollar was trading down 0.93 of a cent to 78.81 cents US. |
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发表于 2008-12-9 08:45
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