Mortgage News

• 25 basis point cut brings interest rate policy to
its effective lower bound at a 0.25% overnight
target, and Bank commits to this overnight rate
until end of Q2/2010.
• As Bank seeks to keep inflation expectations
anchored, future monetary stimulus will rest on
market interventions and direct injections with
this framework to be unveiled on Thursday.

OTTAWA, Ontario, March 03, 2009 — The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3/4 per cent.

OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 1/4 per cent

OTTAWA — The Bank of Canada has dramatically cut its key interest rate by a hefty three-quarters of a percentage point, blaming a “broader and deeper” global slowdown for driving Canada into recession.