Bank of Canada lowers key policy rate by 0.5%

CANADA - The Bank of Canada today, Tuesday, announced that it is lowering its target for the overnight rate by one-half of one percentage point to 2 1/4 per cent.

The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent.

Recent economic developments in Canada have been broadly consistent with expectations at the time of the last policy interest rate announcement on 23 October, as presented in the November Monetary Policy Report. Accordingly,

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