Bank of Canada makes surprise 50-basis-point cut, says ready to do more

The Bank of Canada cut its overnight rate by 50 basis points to 0.75% on Friday,...

OTTAWA - The Bank of Canada cut its overnight rate by 50 basis points to 0.75% on Friday, its second half-point cut in nine days, as the government pledged C$10 billion in credit support for businesses to stave off a potential recession amid the coronavirus outbreak.

Bank of Canada Governor Stephen Poloz and Morneau held an unprecedented joint press conference to announce the policy changes. Just eight days ago, Poloz said the resilience of the Canadian economy could be “seriously tested” by a coronavirus outbreak.

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