Left rates unchanged

  • BOC is more preoccupied With downside risks to inflation
  • Canada economy to keep growing at above potential pace
  • Recent history is of inflation running below target
  • Production is close to estimate of full capacity
  • Will take time to understand household debt dynamics
  • Find economy is likely to respond more to higher interest rates at today's debt levels than historically
  • Economy may generate more noninflationary growth
  • NAFTA risk his outsider projection
  • if something happens in NAFTA context could take some time before it's implemented