Canada has launched aggressive new measures to support the economy amid the rapidly escalating COVID 19 crisis, as authorities announced a surprise interest rate cut and billions in new funding for businesses.
And in an unexpected move, Poloz slashed the overnight interest rate by 50 bps to 0.75 per cent – marking the second such emergency cut in nine days. U.S. West Texas Intermediate crude futures fell about 23 per cent on the week, their biggest percentage decline since 2008. WTI settled at US$31.73 a barrel Friday.
Both Prime Minister Justin Trudeau and his wife, Sophie Gregoire Trudeau are in self-isolation after the latter tested positive for the COVID-19 strain. Trudeau said Friday that he is feeling well and continues to work from home. Indeed, Canada and the U.S. are likely to join a growing list of countries facing an economic contraction with output dropping in both the second and third quarters, CIBC World Markets said in a report Friday.
Loaning businesses capital to saddle them with debt isn't the solution, but they don't care
The message is we’re scared and you should be too. cdnpoli onpoli
LoL. & Use the money to do what? Part time workers have no work currently. We're to stay home. Use the borrowing to say, go on a boat cruise, buy a ticket to travel to Europe, buy a new car, boat; when I can't even get toilet paper & hand sanitizer? 🤔 A little too late!
$10B for Justin and the Libs to hand out...what could go wrong? anotherQuebecsurplusthisyear
Some people never learn. Rate cuts are not required. Fiscal measures are what's appropriate. Wish there was better leadership at BoC.
Wow
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