Poloz answers questions in the House of Commons:
Watch Poloz live here (it's FINA meeting 15).
- Fiscal action would have much more power than monetary policy now
- We put a very low risk of inflation overshooting target sooner than expected
- We believe our markets would function more-or-less normally at rates as low as -0.50%
- We could also use quantitative easing
- Our current view is that no further policy easing will be needed
- Which combination of tools we could use depend on the situation
- Distortions over time under negative rates could increase
- The potential for an inflation target above 2% is a 'live' issue, bar very high
- European growth has been slow but there are some encouraging signs
- I'm seeing a broad, global trend in economic improvement
- Lower oil prices 'unambiguously' negative for Canadian economy
BOC Deputy Wilkins is also there:
- Inventories, autos and exports were skews to Q1
- Latest export data 'wasn't that great'
- We continue to look at the housing market 'very closely'