The Bank of Canada released the following statement on Wednesday: "The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

The Bank of Canada (BoC) made another 0.25 per cent cut to its key interest rate on March 12, bringing it to 2.75 per cent.

The Bank of Canada cut its benchmark interest rate by a quarter point as it warns trade uncertainty is already hurting the Canadian economy.