• BOC forward guidance is best with limited use
  • US demand and weaker Canadian dollar help exports
  • Export recovery slower than in past economic cycles
  • Monetary stimulus needed to drive recovery
  • Recovery with low jobs growth is possible
  • 2015 growth may be 0.25% less on oil price drop

The comments are coming from a House of Commons finance meeting. They are not too far away from comments he made last night but putting a number on the effects of oil prices may have a few scrambling to adjust GDP forecasts for next year (official forecasts are for 2.4% growth).