The Bank of Canada cut interest rates for the first time since April 2004, saying that the global economic outlook looked uncertain. It cut rates by a quarter of a percentage point to 4.25% from 4.5%. The central bank said that it expected financial market turmoil, stemming from a collapse of the US sub-prime mortgage market, to persist.
Canada is not going to suffer like the US, but it will be impacted by the US slowdown.
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