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Following the Bank of Canada’s decision to keep its policy rate unchanged 0.25%, Governor Stephen S. Poloz is delivering his remarks on the policy outlook.

Key takeaways

“Looking ahead, the outlook is highly conditional on how long the containment measures remain in place, and how households and firms adapt.”

“Governing Council agreed that it would be false precision to offer its usual specific forecast.”

“Substantial monetary stimulus needs to be in place to lay the foundation for the post-containment economic recovery.”

“Provincial government bond markets are seeing significant strains.”

“Canada’s major banks face relatively high longer-term funding costs in the corporate bond market, a factor that is leading to upward pressure on some longer-term mortgage rates.”

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.”