March 17, 2020 / 4:05 PM / 3 months ago

Bank of Canada says coronavirus will have a 'major negative impact' on economy

OTTAWA, March 17 (Reuters) - Canada’s central bank said on Tuesday it mulled waiting until its scheduled meeting to ease its overnight interest rate but concluded there could be “considerable benefit” to reducing rates immediately amid economic uncertainty caused by the coronavirus outbreak.

The Bank of Canada cut its key benchmark rate to 0.75% from 1.25% in an emergency move on Friday. In an unusually detailed summary of its deliberations released on Tuesday, the central bank said the coronavirus outbreak will “clearly have a major negative impact on the economy” and reiterated it is ready to adjust further and deploy other market tools, if required, to support economic growth and keep inflation on target. (Reporting by Kelsey Johnson in Ottawa; Editing by Franklin Paul)

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