CANADA/POLITICS - The Bank of Canada took an axe to short-term interest rates Tuesday, warning of a deteriorating global economy and declaring for the first time that Canada has stumbled into a recession.
The central bank cut its trendsetting rate by three-quarters of a point to bring the target for the overnight rate to the lowest level in half a century at 1.5%. The U.S. rate is currently 1%. See other global interest rates.
But it appears the commercial banks will not pass the full reduction through to individuals and businesses. TD Bank – the first to react to the central bank's move – said it would trim its prime lending rate by half a point to 3.5 per cent. CIBC followed with a similar half-point reduction in the prime rate, the benchmark for various individual and commercial loans.
The Bank of Canada's dramatic chop to the overnight rate was the largest since October 2001 in the aftermath of the September 11th terrorist attacks.
The bank said dramatic action was needed given the rapidly growing global recession and the impact of the financial crisis and plummeting commodity prices.
Subscribe to:
Post Comments (Atom)
Featured Posts
|
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
CANADA - I am henceforth boycotting Yak Canada and encouraging other people to do the same. A telemarketer from Yak Canada called me on my... -
CANADA / ENTERTAINMENT - Canadian directors the Purchase Brothers have created a video called "Escape from City-17" that has gone... -
CARS - The recently unveiled GM Volt Hybrid car is claiming to have a 230 mpg fuel consumption. The math assumes the car travels 40 miles (... -
ENTERTAINMENT - A few years ago we published an article in the Entertainment eZine about the Pillow Fight League . At the time we just thou...
-
POLITICS - Russia has begun delivering S-300 air defence systems to Iran which could help repel any Israeli and United States air strikes... -
ENVIRONMENT - The Obama administration today called for enhanced protection of the Earth's polar regions, proposing mandatory limits on... -
POLITICS - Today Barack Obama approved a daring rescue operation to save an American captain who has been held hostage by pirates during a ... -
ENVIRONMENT - IKEA and Wal-Mart are both going green on the rooftops of their shopping centers across North America, but the difference is ... -
HEALTH - UPDATE: Health officials say 105 more people have died since Saturday, bringing the total to 442 as of November 3rd. Haiti is suff... -
POLITICS - Kim Jong Il, the Great Leader of North Korea , is dying and only North Korean doctors have any clue when the event might take pl...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.