Wilkins kicks off the BOC press conference

  • We do not know how NAFTA trade talks will conclude
  • There are a wide range of possible NAFTA outcomes, we will be ready for any outcome
  • Wages could be less sensitive to pressure in labor market, given global competitive pressures
  • Canadian core CPI behaving as expected
  • Raising rates too quickly risks stalling expansion
  • Raising rates too slowly risks CPI buildup
  • Inflation was a 'bit stronger' than anticipated in October
  • We expect 'a bit of a dip' in inflation in the near future
  • In big picture, we expect inflation around 2% over projection horizon
  • Repeats that BOC will remain cautious

Every second word from Wilkins is about NAFTA, which says a lot about what they're worried about.