Bank of Canada's Poloz had been taking questions in an armchair chat session and later a press conference following the prepared remarks and delivery to the Greater Vancouver Board of Trade's Economic Outlook Forum.
Key notes
- Bank of Canada's Poloz, asked about weak Q4 data, cites strikes, bad weather as contributing factors to mixed data.
- Bank of Canada's Poloz says inflation has been very close to 2% target, economy close to capacity for close to two years.
- BoC's Poloz says if inflation is on target you can treat every shock symmetrically.
Prior comments
- Poloz says investment may be stronger than we believed all along.
- Poloz says trump re-election would lead to continued economic uncertainty.
Earlier, there were remarks prepared for delivery to the Greater Vancouver Board of Trade's Economic Outlook Forum as follows:
- Bank of Canada Governor says a combination of healthy employment and wage growth, and immigration-fuelled population growth is driving 'fundamental demand'
- Bank of Canada Governor Stephen Poloz issued a warning to a Vancouver audience about the risks of a return of "froth" to the housing sector, saying that the central bank is watching for signs that the renewed strength in housing in provinces such as British Columbia could re-ignite speculation in those markets.
- Mr. Poloz attributed the return of strength in housing activity – particularly in B.C., Quebec and Ontario – to a combination of healthy employment and wage growth, and immigration-fuelled population growth. That is driving "fundamental demand" that, he said, "appears to be outpacing our ability to build new homes, which can put renewed pressure on prices."
- However, he cautioned, "We will be watching for signs of extrapolative expectations returning to certain major housing markets – in other words, froth."
Note
The Vancouver event marked the last public address from Bank of Canada officials prior to the Jan. 22 interest-rate decision and Monetary Policy Report, the central bank's quarterly update of its economic outlook.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.