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Bank of Canada chops borrowing costs to 50-year low
5 B$ e, c; s8 zLast Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend83' W& I8 v5 j4 `9 g, h
CBC News) S5 N4 a J1 O& @! y- O) v8 P
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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.
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With 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.
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"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.$ ~8 `" |6 R9 t" }
7 [, M* [' k5 L" E! l+ Z+ s1 _"The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses."8 [) |6 S" V& F7 g! h4 v' }
* V( I, @2 k$ u2 W3 }, KEconomists had been divided over whether the central bank would cut by one-half of a percentage point or go with a more aggressive reduction.
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0 s2 ]8 d) H4 ?/ UIn 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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