The Bank of Canada lowered the interest rate by 50bp

The Bank of Canada lowered the interest rate by 50bp to 0.25% from 0.75%."The Bank is launching two new programs: First, the Commercial Paper Purchase Program (CPPP) will help to alleviate strains in short-term funding markets and thereby preserve a key source of funding for businesses. Details of the program will be available on the Bank’s web site. Second, to address strains in the Government of Canada debt market and to enhance the effectiveness of all other actions taken so far, the Bank will begin acquiring Government of Canada securities in the secondary market. Purchases will begin with a minimum of $5 billion per week, across the yield curve. The program will be adjusted as conditions warrant, but will continue until the economic recovery is well underway. The Bank’s balance sheet will expand as a result of these purchases." The full text is here.

The Bank of Canada lowered the interest rate by 50bp

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