5 Year Fixed 2.59%

5 Year Variable 2.30%

Bank of Canada cuts rate by half a point to 1.25%

Bank of Canada cuts rate by half a point to 1.25%

Date Posted: March 4, 2020

In a highly anticipated move the Bank of Canada lowered their overnight lending interest rate to 1.25% this morning, in the first interest rate cut since 2015.

With the spread of the coronavirus (Covid-19) to more than 50 countries many companies are realigning their operations in anticipation of impacts to the bottom line.  Prior to the outbreak, the global economy was showing signs of stabilization.

Similarly, the U.S. Federal Reserve made its first emergency rate cut since the financial crisis on Tuesday, March 3rd, 2020 to help the world’s largest economy cope with mounting risks posed by the coronavirus.

To read the full release from the Bank of Canada, click here.

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