The Bank of Canada has lowered its overnight policy rate for the second time this month, taking the rate down a further 50 basis points to 0.25%. This is what the Bank considers as its effective lower bound and any further reduction in rates is not possible without potentially disrupting key short-term funding markets.
In addition, two new programs have been announced to ensure the continued smooth running of credit markets and to promote credit availability. First, the Commercial Paper Purchase Program...
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