Transportation Industry
Bank of Canada cuts overnight interest rate
Transport Topics, July, 2003 by Anonymous
OTTAWA (AP) - The Bank of Canada cut interest rates July 15 in an effort to boost economic growth and offset a dramatic rise in the Canadian dollar.
The bank cut its key overnight rate by one-quarter of a percentage point to an even 3% in a move that was bound to shock financial markets.
The vast majority of analysts had expected the bank would leave interest rates unchanged amid new signs of recovery in the economy.
In a brief statement, the bank said inflation had fallen faster than anticipated - suggesting a slowing economy - yet it expects growth would strengthen by the end of the year.
"Today's interest rate reduction will provide support for domestic demand growth and consequently for levels of aggregate demand consistent with keeping inflation on a...
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