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.
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