Bank of Canada (BoC). Concerns over COVID‑19 Take Key Rates Down by 50 Basis Points

Like yesterday’s move by the Federal Reserve, today the BoC opted for an aggressive cut to its key interest rates. Clearly, the concerns over the coronavirus weighed heavily, although the problems triggered by the interruptions to rail service no doubt also had a hand in the decision. While the scope of the damage to the Canadian economy caused by the coronavirus is not yet certain, the BoC is taking no chances by relaxing its monetary policy now