Global Markets: Bank of Canada cuts interest rate

Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– The Bank of Canada cut its key interest rate by 25 basis points earlier today at three per cent. It was the sixth consecutive time since last June the central bank decided to cut its rates. Last week, Statistics Canada said the country’s inflation rate declined to 1.8 per cent in December, due in part to the federal government’s GST holiday. The United States Federal Reserve is expected to leave its own rates unchanged when it makes its announcement later today.

– United States President Donald Trump is still planning to implement 25 per cent tariffs on imported Canadian and Mexican goods as of Feb. 1, press secretary Karolina Leavitt said Tuesday. Canadian officials have visited Washington, D.C. over the past few days to promote the country’s new border security plan and to try to dissuade the Trump administration from imposing the tariffs. The federal government and the provinces are considering relief packages to businesses and industries that would be affected by the tariffs.

– Science-based advocacy group Bulletin of The Atomic Scientists advanced its Doomsday Clock by one second to 89 seconds until midnight on Tuesday, the closest in its history. The Doomsday Clock, a symbolic metric to indicate the potential of humanity ending, was moved due to numerous factors including climate change, the proliferation of nuclear weapons, instability in the Middle East, the threat of pandemics and the use of artificial intelligence in military operations. By comparison, the clock was at 17 minutes until midnight in the early 1990s after the end of the Cold War.

– China, as well as other Asian nations, celebrated the Lunar New Year today, welcoming in the Year of The Snake. It is China’s most significant holiday and is celebrated with festivals, fireworks and family gatherings. In Chinese culture, the snake represents fear, but also good luck and rebirth.

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