Market news
30.10.2019, 15:58

BoC governor Poloz: Canadian economy is demonstrating resilience overall

  • Worsening global situation was primary issue for BoC deliberation
  • Heightened uncertainty about future trade policy is hitting business investment
  • BoC determined insurance cuts were not warranted
  • Monetary policy can only do so much about these elements of shock
  • Adjust to large shock in change in oil market takes a long time
  • Excess supply probably isn't pervasive
  • Our situation differs from others in that inflation is close to target
  • BoC considered whether the downside risks were significant enough for an insurance cut but we determined that they were not worth the risks; but the situation will require monitoring
  • We will be watching for any changes to fiscal policy at the Federal level now that election is behind us
  • We're opening up a modest output gap
  • Output gap isn't anything to ignore
  • We will weigh the risks in their totality
  • There are costs associated with an insurance cut
  • Opening of output gap will have a minor inflation effect
  • We are not an island, we are not immune from global developments but we are in a good place to cope
  • There is substantial monetary stimulus in the system, that's been a factor for a long time
  • CAD has been relatively stable against USD, but USD has been strong globally
  • On languages change: It's best not to say the same thing every time
  • A new NAFTA deal and China-US phase one deal would cause uncertainty to stop rising
  • We definitely talked about what a rate cut would look like
  • The best solution is to hold firm and watch things develop
  • Says they didn't discuss rate cut in September because they didn't have updated forecasts

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