TORONTO (AP) - Canada’s central bank cut interest rates by 50 basis points on Wednesday because of the new coronavirus outbreak.
The Bank of Canada said in a statement the virus represents a significant health threat to people in a growing number of countries, business has fallen sharply in some regions and supply chains have been disrupted. The move matches what the U.S. Federal Reserve has done.
The bank said as the virus spreads, business and consumer confidence will deteriorate, further depressing activity.
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