The opening statement from Poloz
Trade war is already having negative consequences
Seeing persistently 'subpar' wage growth
Housing taking longer to stabilize than expected
Risks of trade war are two sided
It remains to be see if oil prices will stay as weak they are currently
Canadian mandated production cuts caused an immediate correction in Canadian oil discount
The impact of oil price drop will be about 25% of 2014-16 episode
We need to monitor housing but markets in Toronto and Vancouver were exhibiting froth
