The Bank of Canada Governor Stephen Poloz announced Friday that the BOC is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to the COVID-19 pandemic. The B-O-C cut it’s rate last week dropping it from 1.75% to 1.25%.

Meanwhile, Prime Minister Justin Trudeau says all parties agreed to suspend Parliament while still allowing the government to work behind the scenes and he hinted at a significant fiscal stimulus package in the days ahead.

To that end, also announced by the Bank of Canada today, it is making 10-billion-dollars available to businesses through a credit facility program. It was a tool also used during the recession in 2008. Unless there is an emergency the House of Commons won’t sit again until the 20th of April.

Justin Trudeau was speaking from Rideau Cottage where he is in self isolation for 14 days after his wife Sophie Gregoire tested positive for COVID-19.