Bank of Canada cuts rates by half a percentage point to 1.25% amid coronavirus concerns

The Bank of Canada cut half a percentage point from its benchmark interest rate Wednesday, easing monetary policy for the first time in more than four years as it followed the Federal Reserve in trying to protect its economy from the coronavirus. The central bank lowered its overnight rate to 1.25% from 1.75% and said the spread of the coronavirus represents a "material negative shock" to the Canadian and global outlooks.

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