Press conference off and away. Headlines to follow as they come out....USDCAD trades around 1.2772 at start of presser

Below are highlights of comments from BOC Poloz

  • More is needed for self-sustaining Canada growth.
  • Global economy may disappoint further
  • Many factors in play in strengthening C$. Most of increased due to shifts in expectations about monetary policy in the US, Canada
  • Recent data encouraging on balance but also quite variable
  • Economy appears to be achieving average growth close to 2% in 1H of 2016
  • Governing Council judge that budget actions will more than offset the negatives
  • Looking beyond projection horizon, growth and output should pick up
  • Global economy retains capacity to disappoint further
  • Have not yet seen concrete evidence of higher investment
  • Situation without fiscal shock would have looked worse than in January
  • BOC would have had rate cut bias without fiscal measures
  • Window of when will close output gap, highly subject to change
  • Mix of policies we have today is more favorable one for economic growth and we had before