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Bank of Canada lowers overnight rate target by 1/4 percentage point to 2 1/4 per cent

OTTAWA, Ontario, October 21, 2008 — The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent. Three major interrelated developments are having a profound impact on the Canadian economy. First, …

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Source: CanEquity Mortgage News

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