April 28, 2009 / 8:00 PM / in 9 years

BoC says drop in rates should add more stimulus

OTTAWA (Reuters) - The Bank of Canada’s announcement that it would leave official interest rates unchanged for a year helped push down market rates across the yield curve, and that should provide more economic stimulus, Governor Mark Carney said on Tuesday.

“We did see an important move in interest rates farther out the yield curve as a result of that commitment which should provide considerable additional stimulus to the economy,” he told the House of Commons finance committee.

Reporting by David Ljunggren

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