Poloz speech: Accommodative policy not needed at this time to address downside risks

Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now delivering their remarks on the monetary policy outlook following the Bank of Canada's decision to leave the policy unchanged at 1.75%. Below are some key takeaways, per Reuters.

"In contrast to adverse global developments, Canadian economy is demonstrating resilience overall."

"Economy is still operating close to capacity but probably with a modest amount of excess supply."

"All things considered, this excess supply is probably not pervasive."

"Concluded that a more accommodative monetary policy was not needed at this time to address downside risks to the Canadian economy."

"Will be watching for any changes to fiscal policy at the federal level now that the election is behind us."

"Encouraged by developments since the enhancement of the mortgage stress test, notes it has not seen evidence of froth in major housing markets for some time now."