Poloz press conference highlights.
- Data from Q1 will continue to look poor
- Housing is a major vulnerability
- Interest rates aren't tool for mitigating housing risks
- Export sector growth double that of rest of economy
- Long-term unemployment beginning to fall
- Underlying health of labor market improving
- Initial effects from oil shock virtually immediate
- Key question is whether oil effect is bigger of faster?
- Expecting Q1 growth to be flat
- Live vide of the press conference.
- Highlights of the decision and MPR.
No one hand-talks like Poloz.
Poloz has to warm up before pressers; could pull a muscle.
Poloz was asked about people defacing $5 notes with pictures of Spock.
Some see Spock, others see Greek fin min Varoufakis
You know the economy is doing alright when central bankers are being asked about currency defacement.
The takeaway:
He was asked about taking out 'more insurance' against economic weakness but he didn't take the bait and gave no hint that the BOC is considering more cuts. The market has priced in about a 43% chance of a rate cut by September and that looks to be offside.
