Stephen S. Poloz - Bank of Canada

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Last quote by Stephen S. Poloz

The interest rate difference between Canada and the United States is an important determinant of the Canadian dollar at any point in time. If interest rates are holding constant, then it will be oil prices that do most of the acting. But if oil prices are constant, it tends to be expectations about interest rates that have their biggest influence on the dollar.feedback
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Nov 01 2017
This page is completely dedicated to what Stephen S. Poloz has to say. All of Stephen S. Poloz’s quotes are organized here by date and topic. The most recent quote attributed to Stephen S. Poloz came from an article called Bank of Canada’s Poloz Stresses There Is ‘No Predetermined Path’ for Rates: “But there is no predetermined path for interest rates from here. The appropriate path for interest rates in [Canada's situation] is very difficult to know, because there are a number of important unknowns around the inflation outlook.”.
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Stephen S. Poloz quotes

Jun 28 2017

I think markets understood that. We didn't have any unusual exchange rate volatility and we're not expecting any going forward. The economies are increasingly in sync, which is a positive. Our growth has been broadening, just as the U.S. did over the last couple of years, we're just a little behind them.feedback

Jun 13 2017

What that suggests to us is that the interest rate cuts we put in place in 2015 have largely done their work. So that's very reassuring, we're encouraged by the data.feedback

Jun 13 2017 - Oil

It isn't time to throw a party.feedback

Jun 08 2017

At this stage, I'm just comforted by the fact that the economy is showing better dynamics and that does go into this equation of financial risk as a positive. It means that the resilience is rising in the background, even if the vulnerabilities are also rising in the foreground.feedback

May 15 2017

Often, when you have a truly unsustainable housing market, you will see very rapid price increases (and) very rapid credit growth. But we don't see that in the credit side, so I do think a significant amount of this that is fundamental, but layered on top, is a speculative element.feedback

May 15 2017

We'd be looking for signs that there are problems with the (financial) system as opposed to preoccupying ourselves with individual institutions. The question would be: What caused this? Is it something unique to the institution itself, or is it something in the system? … I think this situation (Home Capital) is pretty clear on that; it's idiosyncratic.feedback

May 04 2017 - Protectionism

You have the ingredients for higher housing prices, but no fundamental can give you the basis for a 30 percent increase in price in a year. We're pretty sure that this is not sustainable, it's certainly not sustainable by any of the models we've got. We know that with protectionism, everybody loses eventually, including the country that puts the policies in place. And the uncertainty around this threat of increased protectionism is holding back growth.feedback

Apr 22 2017

I'm happy that there are measures, it's a risk we've been highlighting. How will they work? Well, some of them are similar to what happened in Vancouver, (that) seems to have had some effect on the Vancouver market, we are still monitoring that, so I have every reason to believe they will make a contribution. I think you are actually playing with, or trying to influence, psychology more than fundamentals. Some of those things (Ontario measures) were about fundamentals, so there are many things going on.feedback

Apr 22 2017

So it's kind of hard to predict how those measures will affect how people think about those expectations.feedback

Apr 13 2017 - Protectionism

The threat of U.S. protectionism, that's something that is very, very significant for Canada and ... it's very difficult to analyze it in advance because it could take so many different forms. It certainly will be negative and it could even be a major shock.feedback

Feb 01 2017

We're still quite some ways behind the U.S. economy, so a divergence of policy is exactly what we would expect to see.feedback

Feb 01 2017

While we project that inflation will be sustainably at target around the middle of next year, we are well aware that the lingering aftermath of the crisis has left the Canadian economy with persistent excess capacity, and inflation has been in the lower half of our target range for some time. The big picture is we have to adjust to a lower price, possibly for a really long time If the price gets up to $60, I can imagine lots of new supply coming on quite quickly.feedback

Jan 18 2017

A rate cut remains on the table and it would remain on the table for as long as downside risks are still present.feedback

Jan 18 2017

Was the Bank on track to hike interest rates (before the U.S. election)? No.feedback

Nov 28 2016

I strongly believe that the continued expansion of our service sector is pointing the way toward full economic recovery and the return of sustained, natural growth.feedback

Nov 28 2016

From a broader policy perspective, we need to develop new ways to help people cope with technological and structural change in order to improve our economic performance over time and to allay the economic fear and skepticism we are seeing across the advanced economies.feedback

Nov 11 2016

I don't have to remind you how many sources of uncertainty we face. Those uncertainties continue to be there and have been holding companies back, really getting us back to our full capacity.feedback

Nov 11 2016

Inflation will continue to be below target through that period, and won't converge on the 2 percent target until around the middle of 2018.feedback

Nov 11 2016

It would be odd for a central banker, certainly me, to speculate on how that will all work out positive or negative. It's a hypothetical situation.feedback

Nov 01 2016

I'm satisfied that in a relatively tricky situation with a lot of moving parts that both in our press release and in the subsequent remarks we were able to offer clarity on how we think about those things. Both the press release and the remarks indicated clearly that the risks that we highlighted in September had in fact crystallized... In the end, the market takes the information and runs with it and it is what it is.feedback

Oct 23 2016

There is a balance somewhere but I can tell you that I think we're pretty far away from that balance point.feedback

Oct 23 2016

That is, it creates more economic growth for all those that use that infrastructure and that, of course, creates tax revenues and the system keeps turning.feedback

Oct 19 2016

The primary thing is the uncertainty you face on a number of the respects that I've listed there, has at least the potential to clear up more quickly than usual.feedback

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