Different paths for different economies
Canada and the United States both drastically cut interest rates during the global financial crisis to stimulate their economies.
After the initial shock, we took different approaches to getting our economies back on track. This is because the impact of the crisis and its aftermath was different in each country.
While Canada initially rebounded more quickly from the crisis, in 2014–15 we were set back by a collapse in oil prices. In contrast, the US economy continued to improve. To cushion the blow to our economy, the Bank of Canada cut its policy rate twice.
The US Federal Reserve cut the federal funds rate three times in 2019. With inflation on target here, the Bank of Canada has kept its rate steady.