Canadian interest rate drops to .75%

[spazzdla]

Dollar drops 3 cents in 2 hours..

[freedomno1]

Nice take that Carney is basically what the Canadian government is saying here so much for Ontario manufacturing offsetting this.
Heh It's another Swiss surprise aka no one sees it coming and the Bank a few days earlier saying were not going to lower our rates
https://bitcointalk.org/index.php?topic=929290.0
Anyways adding some additional information

The Bank of Canada shocked markets today by cutting its key overnight lending rate by a quarter of a percentage point, citing the economic threat posed by plunging oil prices.

"The drop in oil prices is unambiguously negative for the Canadian economy," Bank of Canada governor Stephen Poloz said in a morning news conference. "Canada's income from oil exports will be reduced, and investment and employment in the energy sector are already being cut."

The overnight rate, which moves down to 0.75 per cent, had been at one per cent since September 2010. The cut will result in lower interest rates for variable rate mortgages, lines of credit and other loans that float with prime rates.

Virtually no economists had been predicting a rate cut.

http://www.cbc.ca/news/business/bank-of-canada-shocks-markets-with-cut-in-key-interest-rate-1.2921370

[shluher]

Dollar drops 3 cents in 2 hours..

We only can dream of such rates.

[Rishblitz]

In the short run this will be great for consumers needing loans but in the long run inflation will hit hard with such a low rate.

[freedomno1]

In the short run this will be great for consumers needing loans but in the long run inflation will hit hard with such a low rate.

Well the real problem wasn't inflation it was the housing bubble more less popping when the rates do go up
Although considering the government has been saying that for years they replaced Carney with a Harper aligned finance manager and sent Carney off to Britain, I expect low inflation for a while yet.