Pursuits
Poloz Says Bank of Canada Was Close to Cutting Interest Rate
- Central bank maintains overnight benchmark at 0.5 percent
- Governor cites large amount of uncertainty for holding back
Bank of Canada Leaves Door Open to Lower Rates
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Governor Stephen Poloz said Bank of Canada policy makers “actively” discussed the possibility of adding more stimulus into the economy, but chose to hold off given the large number of unknowns including global political uncertainty.
Earlier Wednesday, Poloz cut his growth forecast on weaker shipments to the U.S. and tougher government mortgage rules that will curb home re-sales. The Ottawa-based central bank held its benchmark interest rate at 0.5 percent even as it pushed its target for a return to full output back to mid-2018.