Economics
Why Central Banks Like Canada’s Are Finding It Hard to Navigate Home
- Poloz stands by his hike-cycle narrative even as Fed brakes
- He’s trying to normalize rates in a country awash with debt
This article is for subscribers only.
Central bankers have long been crafting analogies to explain what they do -- think taking away the punch bowl. Few have been as devoted to the art as Canada’s Stephen Poloz.
He’s trying to steer the economy back to a place where it can support the kind of borrowing costs that counted as normal before 2008. But Poloz’s metaphors often have to do with unforeseen hardships when you’re on the way home -- sailors blown off course, or drivers caught in winter storms. Because, like many global peers, he’s finding the journey hard to map out.