Following the Bank of Canada’s decision to keep the overnight rate target unchanged at 1.75%, Governor Stephen S. Poloz is responding to questions from the press with key quotes, via Reuters, found below.
- It will take time for us to get what we need out of the data.
- It is clear the housing market has not yet achieved balance.
- There are a lot of elements of stabilization in the housing market but process is not complete.
- Asked about data showing bankruptcies have risen, says they started increasing from a very low level.
- The bank is examining “in extreme detail” the mortgage renewal cycle.
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About Stephen Poloz (via bankofcanada.ca)
“Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas.”
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