BoC's Poloz speech: Any action we take today will only have full effect on inflation over next 18-24 months
Bank of Canada (BOC) Governor Stephen Poloz is responding to questions from the press with the key quotes, via Reuters, found below:
- Any action we take today will only have full effect on inflation over next 18-24 months
- Managing this process in the way we are raising the odds of a sustained expansion without needing to step on the brakes
- For us, ideal setting is when everyone is looking at same data and wouldn't be hanging on bank's every word
- Asked whether rate hike part of removal of insurance or start of tightening cycle, says there's no simple answer
- Most important thing is economy clearly no longer needs as much stimulus as we've been giving it
Key notes:
BoC: Recent softness in inflation is temporary
In its statement, the Bank acknowledged recent softness in inflation but judged this to be temporary. Read more
USD/CAD in fresh 2017 lows post-BoC, near 1.2850
The Canadian Dollar is gathering further steam today, now dragging USD/CAD to fresh lows in the 1.2860/50 region. Read more
About Stephen Poloz
Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas.