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Interest rate cut to deal with ‘oil shock’

Posted in Canada, Talking Politics

Tagged: ,

Published on January 23, 2015 with No Comments

Bank of Canada governor Stephen Poloz has said that the economy has been suffering from the effects of an “oil shock,” so he prescribed a remedy: an unexpected interest rate cut.

To deal with the impact of falling oil prices, Bank of Canada governor Stephen Poloz lowered Canada’s trend setting rate from one per cent to 0.75 per cent, a move that blindsided the vast majority of experts.

 

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