Bank of Canada Deputy Says Drag of Oil Shock ‘Behind Us’
- Interest rate cuts in 2015 helped facilitate adjustment
- Patterson defends use of private speeches for gathering info
Analyst Cusick Sees Stiff Resistance to Oil at $46
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The oil shock that hit Canada in 2014 is no longer acting as a drag on the economy, a top Bank of Canada official said Wednesday, repeating recent language from the central bank that has fueled rate-hike speculation.
In a speech on how policy makers gather intelligence to augment its analysis, Deputy Governor Lynn Patterson outlined how the Bank of Canada’s “contacts” in the oil sector helped shape its decision to cut interest rates twice in 2015.