The Bank of Canada has announced that it is lowering its key interest rate by one quarter of a percentage point to 0.5%.
This is on top of a reduction back in January which originally lowered the rate to 0.75%.
The move comes as the central bank predicts the economy pulled back in the second quarter at an annual pace of 0.5%, and the bank is predicting the economy will only grow by 1.1% in total this year.
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