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Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 per cent

OTTAWA, Ontario, April 22, 2008 ? The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 1/4 per cent. Growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ?

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Source: CanEquity Mortgage News

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