BoC: Growth in Canada is becoming more broadly-based and self-sustaining

Key highlights from the BoC's Monetary Policy Report:

  • Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining
  • Housing sector appears to be cooling in some markets
  • Significant geopolitical risks and uncertainties around international trade and fiscal policies remain, leading to a weaker US dollar against many major currencies
  • There remains some excess capacity in Canada’s labour market
  • Given the stronger-than-expected economic performance, Governing Council judges that today’s removal of some of the considerable monetary policy stimulus in place is warranted
  • Future monetary policy decisions are not predetermined

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