Canada sees rates hit all-time low

The Bank of Canada cut its key rate to 1%, the lowest level in the central bank's 75-year history, on Tuesday and said that headline inflation would fall below zero later this year. However, the move was not enough to satisfy some in the markets who were looking for a steeper cut.

The central bank lopped half a point off its benchmark overnight rate target, saying that the outlook for the global economy had deteriorated since its December cut.

Markets had broadly expected a 50-basis-point move

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