Overnight rate dropped by .50%

[blue1]

Bank of Canada just announced a 1/2 Percentage reduction in their overnight rate this morning:

http://www.bankofcanada.ca/en/press/2008/pr08-21.html

 

[Day_Dreamer]

Will the big banks follow this and lower their prime rates? It is so disappointing that TD raised its variable mortgage rate by 1%!!

 

[dkwan]

HSBC is good.
Variable open: 4.75%
Variable closed: 4.5%

 

[toubo]

It does bring the stock up a little bit but then it drops back even further. >__< I guess it doesn't really work. News say that more rate cut is coming. Not sure how valid it is... Any other thought?

 

[dkwan]

It won't be immediates cut twice in 2 days.
Will have to wait the market to abosrb the news and will decide again