Further comments are flowing in from the Bank of Canada (BOC) Governor Poloz, as he responds to the Q&A session following his speech.
Key quotes:
Lower rates buffer downside effects of confidence.
Confidence affects could undermine housing market.
Coronavirus require prompt and decisive action.
Monetary policy can’t correct supply disruptions.
We have tools to fix credit logjams if needed.
50 basis points cuts will make a big difference to variable-rate loans.
Wednesday cut wasn’t intended as forward guidance.
High level of coordination at G7, talking every day.
We’ve got a lot of stimulus flowing through the system.
- USD/CAD clings to gains near 1.3430 despite broad USD weakness
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