Bank of Canada Slashes Interest Rates

Posted on March 3rd, 2008 by Roland Lewis

Bank of Canada slashes interest rates

KEVIN CARMICHAEL

Globe and Mail Update

OTTAWA — The Bank of Canada dropped its key lending rate by half a percentage point, and indicated that further cuts will be needed to insulate Canada from the effects of a U.S. economy that teeters on the brink of recession.

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“The deterioration in economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy,” the central bank said in its statement Tuesday.

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