BoC's Poloz: None of our monetary policy is in response to rate hikes by the Fed
|After delivering the opening statement, Governor Stephen S. Poloz, and Senior Deputy Governor Carolyn A. Wilkins are now responding to questions from the press with key quotes, via Reuters, found below.
- BoC's Wilkins: We've been surprised so far this year by higher level of exports, our forecasts are very prudent, there is a floor to exports.
- BoC's Poloz: None of our monetary policy is in response to rate hikes by the U.S. Fed.
- BoC's Poloz: The escalation of trade actions was "quite a part" of our discussions but agreed very early on it was not going to be basis of our decision.
Related articles
USD/CAD: remaining biased for re-test of 2018 highs - TDS.
Analysts at TD Securities explained that the Bank of Canada followed through on a widely expected 25 bp hike while the statement portrayed an upbeat tone, emphasizing the economic rotation into exports and business investment and repeating that higher rates will be warranted to keep inflation in check.
The Bank of Canada monetary policy statement from July meeting.
The Bank expects the global economy to grow by about 3 ¾ per cent in 2018 and 3 ½ per cent in 2019, in line with the April Monetary Policy Report (MPR). The US economy is proving stronger than expected, reinforcing market expectations of higher policy rates and pushing up the US dollar.
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."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.