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Below are key highlights from the opening statement delivered by the Bank of Canada Governor Stephen Poloz before the  House of Commons standing committee on finance.

  • Outlook remains subject to important risks and uncertainties.
  • The US-China trade issue represents a two-sided risk for Canadian monetary policy.  
  • While financial system vulnerabilities are still elevated, the fact that they have stabilized and edged down in a number of respects is positive.
  • The policy rate will need to rise to neutral to achieve our inflation target.  
  • That said, the appropriate pace of increases will depend on our assessment at each fixed announcement date of how the outlook for inflation and related risks are evolving.  
  • We will also pay close attention to global trade policy developments and their implications for the inflation outlook.