UPDATE 2-Bank of Canada cuts key rate to 50-year low

OTTAWA, Jan 20 (Reuters) - The Bank of Canada cut its key interest rate on Tuesday by a half-point to a 50-year low of 1 percent, and predicted a period of falling prices this year as an economic recession takes hold.

The central bank signaled that further cuts may be on the horizon, but said it would judge carefully "to what extent further monetary stimulus will be required".

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