BoC's Poloz: Monetary policy will not react to every data fluctuation
|Following the Bank of Canada's decision to raise the overnight rate target to 1.5%, Governor Stephen S. Poloz, and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy outlook with key quotes, via Reuters, found below.
- When all the data are taken together, the economy seems to be on track.
- Monetary policy will not react to every data fluctuation, data matters to the big picture but almost never decisive on its own.
- The bank cannot make policy on the basis of hypothetical scenarios.
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The Bank of Canada monetary policy statement from July meeting.
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About Stephen Poloz (via bankofcanada.ca)
"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."
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