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Poloz Says Bank of Canada Rate Hike Path ‘Highly Uncertain’

Stephen Poloz, governor of the Bank of Canada.

Stephen Poloz, governor of the Bank of Canada.

Photographer: Justin Tang/Bloomberg

Bank of Canada Governor Stephen Poloz said the path toward higher interest rates is “highly uncertain” due to lingering questions around housing and investment, even as he stuck to his message that borrowing costs eventually need to head higher.

Poloz defended the central bank’s five rate increases since mid-2017, and cited two reasons for why he’s been on hold since October last year: the impact of higher rates on indebted consumers; and risks to the investment outlook.