The Bank of Canada cut 50 basis points off its overnight rate today, leaving the rate at its effective lower bound of 0.25%, due to debilitating effects of the coronavirus and the sharp decline in the price of oil. The BoC also announced two new programs, buying commercial paper and government securities in the secondary market, with purchases set at a minimum of CAD5 billion a week across the yield curve. In a statement later, BoC governor Stephen Poloz said that the new bond buying programs will be kept going ‘until it’s clear the economic recovery is well underway’ and added that the central bank stands ready to ... (full story)