Bank of Canada Cuts Rate to 1.5%

The Bank of Canada has reduced it's over night lending rate three-quarters of a point to 1.5%, the lowest level in half a century. Commercial banks, such as TD Bank, the first to take action, and CIBC have responded by reducing it's prime lending rate to only 3.5%.

The Bank of Canada's next scheduled date for announcing the over night rate target is January 20, 2009.

Bank of Canada
The Canadian Press