The Canadian Press

2015-07-15 | BoC Interest Rates

Preview Clip

The Bank of Canada has cut its key interest rate as well as slashing its outlook for economic growth. The central bank cut its target for the overnight rate by a quarter of a percentage point to 0.5 per cent. Bank of Canada Governor Steven Poloz says it's clear that in the first quarter, the data showed a contraction in the economy. He says the monitoring for the second quarter also shows a small contraction. Poloz says while that means the economy had a mild contraction in the first half of the year -- he's not using the "R" word. (The cut to the central bank's trend-setting rate is aimed at giving the economy a boost by making it cheaper for consumers and companies to borrow money.)

Date: 2015-07-15
Placeline: TORONTO.
Source: The Canadian Press
Length: 17 seconds

Transcript Prediction: << I'm not going to engage in the debate about what we actually call us because those terms are very finely determined it's not a casual or mechanical system which decides they are what we classify things usually well after the thing happens that you actually can make these decisions >>