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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

“If inflation were to fall short of target for an extended period, faith in the inflation target anchor would be eroded.”

“The risk of sustained deflation in Canada is low.”

“There has been a vigorous and elastic response from governments to the pandemic, which will put a floor under the economy.”

“Investors, firms and households expect bank will act to help return economy to capacity and bring about stable 2% inflation; the bank’s recent actions should be seen in exactly that light.”

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.”