The Canadian Press

2015-07-15 | BoC Interest Rates

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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 >>


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