BoC's Poloz: We don't expect 50 bps to have a large effect on the economy

Following his speech before the Canadian Club Toronto, Stephen S. Poloz, the Governor of the Bank of Canada, is delivering additional, with key quotes, via Reuters, found below.

Our views have not changed in a week, things are progressing nicely, but we need to be cautious, not mechanical.

"Cautious" is not a code word, data is telling us whether we are still on the road, uncertainties are still there.

We're describing a process, not putting a specific timeline on it, "we can't".

My interpretation of the word "cautious" is careful, watching for signs you're making a mistake.

We haven't learned very much since two rate hikes, early days still; raising rates takes a year to have a noticeable effect on the economy.

The situation is muddied a little because we also have changes to mortgage rules at the same time.

We don't expect 50 bps to have a large effect on the economy.

Housing has slowed as a contributor to growth, that's what we are forecasting, that it will contribute zero to growth next year.