Bank of Canada cuts rate

TORONTO (AP) -- Canada's central bank has cut its key interest rate by a quarter-point to 2.25 percent.

The move Tuesday follows an unscheduled half-point reduction Oct. 8 in cooperation with other major central banks in an effort to lubricate lending and boost the global economy.

A cut was widely expected, with many economists urging a half-point reduction in the bank's target for the overnight rate amid growing signs the Canadian economy is being dragged into a significant slowdown.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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