Comments from BOC Governor Poloz at a House of Commons committee:
- Some of strong Q1 data a result of temporary and catch-up factors
- CAD rebound appears to be a shift of expectations on monetary policy in Canada and US
- "While recent economic data have been encouraging on balance, they've also been quite variable"
- "We have not yet seen concrete evidence of higher investment and strong firm creation."
- Canada dealing with 'massive' terms of trade shock
- Repeats that output gap likely to close in H2 2017
- The global economy retains the capacity to disappoint further
- Full statement
The early part of the speech dealt with a recap of the past year in the economy and the collapse in commodity prices. The second part is largely a recap of the BOC's current stance that was outlined in the BOC statement and MPR.
The committee will ask questions for 90 minutes after he reads the statement.