The U.S. Federal Reserve on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases.

Near-zero interest rates mean you can borrow cheaply. Here's how to tell whether you can really afford it.

Canada's central bank said it expects the economy to contract in the first three months of the year.

The Bank of Canada has ruled out negative interest rates, so further easing would likely be a so-called "micro rate cut" of less than 25 basis points.

Canada's central bank said its forecasts could be thrown off significantly if there is a second wave of novel coronavirus pandemic.

Government spending has soared during the coronavirus crisis. But Patrick Leblond says Canadians do not have to fear years of austerity or tax hikes once the pandemic has passed.

For the recovery to really take off, stimulus actions need to "reach the ultimate borrower," he said.

The U.S. Fed cut rates to a target range of 0 per cent to 0.25 per cent and said it would expand its balance sheet by at least US$700 billion in coming weeks.

While there is some good news for spenders amid the new coronavirus outbreak, Canadian finance expert Preet Banerjee says it is bad news for others. 

Bank of Canada governor Stephen Poloz said slowing population growth is holding back economic growth and gains in productivity aren't happening fast enough to offset the change.