The Bank of Canada is chopping its key interest rate by a quarter percentage point to 0.5 per cent.
It’s a move that many were expecting according to Thunder Bay financial analyst Blake Cameron of ScotiaMcleod. Cameron believes the move was made partially to offset the continued low price of oil which is hurting the Canadian economy.
He also wonders if the government bank is silently saying that we have been in a recession the first half of this year.
Cameron notes the market may have been caught off guard by the move since the value of the Canadian dollar dropped on the announcement. (Photo supplied)
