Canada in recession as rates cut to 50-year low

The possibility of a slump "broader and steeper than previously anticipated" sparked the Bank of Canada's decision to slash its key rate to its lowest level since 1958.

The central bank lopped three quarters of a point of its key overnight rate target, leaving the measure at 1.5%. The central bank's then-benchmark rate, the bank rate, reached 1.12% in July 1958.

Analysts largely expected a half-point lowering and in making a sharper-than-anticipated move. The Canadian central bank becomes the

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