Bank of Canada Shocks With First Interest Rate Cut in 4 Years
If you've got a variable-rate mortgage, car loan or credit line, the Bank of Canada just threw you a life line!
BANK OF CANADA CUTS ITS KEY INTEREST TO 0.75 PER CENT
OTTAWA - The looming threat of sliding oil prices forced the Bank of Canada to drop its trend-setting interest rate Wednesday, a surprising move that shows just how much the country's economic outlook has soured in a matter of months.
The central bank, which nudged its key rate down to 0.75 per cent from one per cent, said the rapid oil-price collapse has created many unknowns around economic growth in the oil-exporting nation.