BMO Matches BoC Rate Cut

BMO BMO wasted no time today in becoming the first big bank to announce it was lowering its prime rate by 1/2%.

BMO's press release came out just 2 minutes after the Bank of Canada's 9:00am ET announcement.

RBC, TD, CIBC, and Scotiabank followed a bit later in cutting their prime rates to 3.00% as well.

The move will naturally be applauded by borrowers.  Canadians started a virtual riot the last time big banks didn't match the BoC's rate cut in December.

In BMO's case, the news may be tempered somewhat due to the recently reported increase in its line of credit rates.  However, BMO's cut set the tone for the rest of the market so that's a positive.

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