Last week , the Bank of Canada (BoC) announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. This wasn’t the first piece of news to come out of the BoC this year. In January, it became the first central bank in the Group of Seven to cut interest rates in response to plummeting oil prices
