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Bank of Canada has cut its key interest rate by 25 basis points this morning. Following on the heels of the US Federal Reserve cutting their rates (a week early) by 75 basis points.

Inflation in Canada does not pose concern for the Bank of Canada, however they have resisted a steeper cut in rates as projected from various economists/anaylists.

Yesterday's sell off in the Canadian Stock Markets as well as the US has panicked the majority of people I talked with. However, for long term investor's ( 5 years or longer),and those not caught on "margin" (borrowing in one's brokerage account to purchase investments) - is there really a "need" for panic. Most broker's will advise to sell-off the "speculative" stocks and hold tight on the blue chip (sound companies with established track records and low P/E multiples). In fact, average down and take advantage of the "sales" that are going on. This morning's market(s) have allready seen an uptick - TSX currently up 400 points.