Bank of Canada Deputy Murray says there is no guarantee the exit from unconventional policy will be absolutely painless for everyone but at least it will be done in the context of recovery.

I think you can dispute that last point. The Fed has highlighted financial risks as a reason for tapering and the amount of Treasury supply isn’t infinite. With the economy slogging along, rather than accelerating, I would argue that the exit will be done in the context of sub-2% growth which isn’t exactly ‘recovery’.

As Ryan highlighted, Murray isn’t making much sense.