Bank of Canada keeps target rate at 'effective lower bound'

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, , saying this morning that it is effectively as low as it can go to combat the economic impacts of COVID-19. The central bank says the downturn tied to COVID-19 will be the worst on record. Preliminary data from Statistics Canada today showed economic activity collapsed in March as it dropped a record nine per cent. The pandemic has forced companies to close and workers to stay at home as much as possible in a m