The latest developments on COVID-19 in Canada
Posted Mar 16, 2020 08:25:07 AM.
Last Updated Mar 16, 2020 08:30:15 AM.
The latest news on the COVID-19 global pandemic (all times Eastern):
7 a.m.
The U.S. futures market pointed to another plunge on North American stock markets this morning as fears about the economic impact of COVID-19 gripped investors despite a move by the U.S. Federal Reserve to boost the economy.
The Fed chopped its interest rate by a full percentage point — to a range between zero and 0.25 per cent — and said it would stay there until it feels confident the economy can survive a near-shutdown of activity in the United States.
The Bank of Canada cut its key interest rate target on Friday by half a percentage point to 1.25 per cent as part of a co-ordinated plan by the federal government to help the economy here.
Economists have warned that the Canadian economy is headed for a recession later this year due to the economic impact of COVID-19 and a crash in oil prices.
The Canadian Press
