FULL TEXT- Bank of Canada cuts rates by 25 bps
OTTAWA, March 12 (Reuters) - The Bank of Canada released the following text of opening remarks by Governor Tiff Macklem on Wednesday:
Bank of Canada cuts interest rates: Read the official statement
Here’s the Bank of Canada’s official statement for its rate decision: The Bank of Canada today reduced its target for the overnight rate to 2.75 per cent, with the bank rate at three per cent and the deposit rate at 2.70 per cent.
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Prices will rise, the economy will suffer and the Bank of Canada can't lower interest rates enough to shield Canadians from the worst impacts of a prolonged trade war with the United States.
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The Bank of Canada considered leaving its key policy rate at 3% ahead of a scheduled announcement before concluding it needed to cut for the seventh consecutive time, Governor Tiff Macklem said in an interview on Wednesday.
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