Bank of Canada Governor Poloz And Deputy Wilkins are appearing before a senate committee in the Canadian parliament
Earlier comments:
- USD/CAD chopping about as Poloz continues speaking
- CAD - More coming from BoC's Poloz, says he is more encouraged by the economy
- BoC's Poloz speaking - message on script (same as Monday)
This now from Poloz, referring to Canada, but this is relevant to the US as it boosts government spending:
- Fiscal stimulus has helped avoid lower path for rates
- people need to be prepared for higher rates
- a question of timing and pace of interest rate normalisation - there are risks in moving too quickly
- On the other hand, if you wait too long and move too slowly, inflation pressures have a greater opportunity to grow
His comments are on Canada, yeah .... but applicable to the US. This thing to watch for, IMO, is a rise in rates much quicker and higher than is expected. That'll be ugly.
CAD is doing very little. As we enter Asia trade it is usual for forex to quieten down a little, for ranges to contract. Which is a shame. On the plus side there is minimal risk of lame tweets from Kanye West. Still, he had a hit single, good on him! (Golddigger), but here is this one:
