Reuters ahead with surprise Bank of Canada rate cut; market reacts
Reuters was ahead with news of a surprise Bank of Canada (BOC) rate cut that came on Friday as policy leaders unveiled dramatic fiscal and economic measures amid the coronavirus outbreak. At the same time, Ottawa pledged C$10 billion ($7.2 billion) in credit support for businesses and pledged to do whatever was necessary to protect Canadians. The central bank unexpectedly cut its overnight interest rate by 50 basis points to 0.75% after taking the same step on March 4. It was the first unscheduled cut since the financial crisis of 2008.