Bank of Canada’s Poloz Vows Rate Rises to Be ‘Decidedly Data Dependent’
In speech, central bank governor address pivot toward cautious tone, underscoring ‘meaningful’ impact of lower energy prices on economy
OTTAWA—Bank of Canada Gov. Stephen Poloz said Thursday the benchmark interest rate will need to move upward but the pace of future increases “will remain decidedly data dependent” given global risks and lower energy prices.
According to prepared remarks to be delivered in Toronto, Mr. Poloz added fresh details about the central bank’s decision this week to keep its policy rate steady at 1.75% and pivot toward a more cautious tone compared to upbeat comments in October. Mr. Poloz said the governing council’s deliberations ahead...