Bank of Canada lowers overnight rate target by 0.25% to 0.25%

This is a surprise cut to many, including myself because it makes Money almost free.

Also means a few things to me

- No need to find Fixed Rate Mortgage for a while as BoC sees this rate continuing into 2010. My HELOC is at 2.25% now, while mortgages are 1.x%

- I should repay my 0% Credit Card arbitrage soon as the spread is so little now when the money is sitting in a 2% savings account

- More incentives to research good investment opportunities (yield, growth equities)

Target for the overnight rate, recent data from Bank of Canada

(can you imagine one year ago we were at 3.5%)

Date	Target (%)	Change (%)
21 April 2009	0.25	- 0.25
3 March 2009	0.50	- 0.50
20 January 2009	1.00	- 0.50
9 December 2008	1.50	- 0.75
21 October 2008	2.25	- 0.25
8 October 2008	2.50	- 0.50
15 July 2008	3.00	---
10 June 2008	3.00	---
22 April 2008	3.00	- 0.50
4 March 2008	3.50	- 0.50