BoC’s Lane: Domestic economy is resilient but not immune
|The Bank of Canada (BoC) Deputy Governor Timothy Lane was out with some comments in the last hour saying that notable economic strengths and on-target inflation mean the domestic economy is resilient, but not immune.
Additional quotes:
• Global economic uncertainty is likely to persist even if the US and China reach a trade deal.
• Global uncertainty is likely to have a lasting effect.
• Damaging effects of trade conflict are only partially offset by easier monetary policy.
• The tone of developments in recent weeks gave the bank more confidence in its October outlook for growth and inflation.
• Canadian employment wage growth data suggest the labor market is continuing to tighten.
• There is no reason for the BoV to move in step with the US Fed when it comes to interest rate moves.
• In hindsight moves in Canada and the US toward balance budgets starting in 2010 were premature.
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