Bank of Canada raises rates
The Bank of Canada raised its key interest rate by 25 basis points to 0.75 percent on Tuesday, as expected, but cautioned that the domestic and global recoveries will be slower than previously expected in a hint that any further hikes may be gradual.
The Bank of Canada on Tuesday said it is lowering its target for the overnight rate by 50 basis points to 3%, with the bank projecting a ``deeper and more protracted slowdown in the US economy.''