Poloz press conference

  • I won't front-run our process, we're about 10 days away from decision
  • It takes hundreds of data points to form a view
  • Inflation is exactly on target, as we expected
  • National accounts are exactly as we forecast in April, to the decimal point
  • Our underlying narrative appears to be correct
  • We're in a situation that warrants higher interest rates, and we will do that gradually
  • One data point that was below market expectations isn't going to throw us off
  • Hypotheticals won't be part of our forecast, including trade
  • We won't make monetary policy on the basis of speculation. We look at what's real
  • Trade tensions have hurt investment but it's still 'reasonably robust' and that gives us room for optimism

This is hawkish stuff, he basically brushed off the soft data from last week and 'hypotheticals' on trade.