Coronavirus outbreak: Bank of Canada makes surprise 50 bps rate cut

The Bank of Canada unexpectedly cut its overnight rate by 50 basis points to 0.75% on Friday, its second half-point cut in nine days, and the government said it would offer C$10 billion ($7.2 billion) in credit support to businesses.

Canada ramped up its response to the coronavirus on Friday, advising citizens against non-essential foreign travel and promising "significant" financial aid for Canadians, which Finance Minister Bill Morneau said would be presented next week.

Bank of Canada Governor Stephen Poloz and Morneau held an unprecedented joint press conference to announce the policy changes.

"This unscheduled rate decision is a proactive measure taken in