This is the summary of Bank of Canada Deputy Governor Wilkins comments from the press conference after the rate hike:
Bank of Canada Deputy Governor Wilkins said the Bank removed reference to the gradual pace of rate hikes “to avoid the impression that we are following a preordained, mechanical policy path”
Bank of Canada Deputy Governor Wilkins said the appropriate pace for interest rate increases will depend on Bank’s assessment at each fixed announcement date of how the outlook for inflation and related risks are evolving
Bank of Canada Deputy Governor Wilkins said that while the focus of many commentators tends to be on the downside risks, it is also possible that strong consumer confidence builds on the solid job and income growth, and leads to greater-than-expected consumption
Bank of Canada Deputy Governor Wilkins said will also pay close attention to global trade policy developments and their implications for the inflation outlook, says “we need to bear in mind that this risk is two-sided”
Bank of Canada Deputy Governor Wilkins said the quality of new household debt is improving and housing activity is moderating to a more sustainable level
Bank of Canada Deputy Governor Wilkins said household debt developments are making the economy more resilient and reduce the chances of painful outcomes for many people further down the road
Bank of Canada Deputy Governor Wilkins said mortgage rule changes appear to have helped take the wind out of the sails of speculators in some markets, which reduces the pressure on housing affordability
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