The central bank said in a release that it considers the current level of its rate to be its "effective lower bound." "The situation calls for special actions by the central bank," the bank said. The Bank of Canada's rate filters down into the economy by impacting rates on things like mortgages and savings accounts at banks. "Consumers should not expect their rate to go any lower since the bank has reiterated that they are at their lower bound. TD Bank economist Brian DePratto agrees that the bank is saying it can't plausibly cut its interest rate any more than it already has.

Source: CBC News April 15, 2020 14:18 UTC