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Moishe Alexander - Canda - Mortgage Rates

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Moishe Alexander - Canda - Mortgage Rates

 

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1-22-08

 

The Bank of Canada on Tuesday cut borrowing costs to a record low as it warned the economy will shrink this year.

 

In a further move to bolster the sagging economy, the bank reduced its key overnight rate by half a percentage point to one per cent. The bank has now trimmed 3.5 percentage points from the overnight rate since it started its latest cycle of cuts.

 

Tuesday's cut reduced borrowing costs below 1.12 per cent, which had been the lowest point set back in 1958.

 

More rate reductions may also be in the offing, as the Bank of Canada said more stimulus could be needed to boost the sagging economy.

 

 

 

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