BoC Poloz: Monetary policy remains particularly data-dependent
|Here are some of the key highlights from the prepared text of BoC Governor Stephen Poloz's scheduled speech in Ontario:
• There is degree of untapped supply potential in economy
• Canada may be able to have more growth without higher inflation
• Labor market has become good deal healthier over past year but some slack still remaining
• Expect increased investment, labor market churn to create more supply through higher productivity, employment
• Uncertain processes entail upside, downside risks to inflation
• Monetary policy remains particularly data-dependent
• BoC cannot take mechanical approach to policy, even though interest rates likely to move higher over time
• If economy builds more supply than usual, puts downside risk on inflation; if less supply, creates upside risk to inflation
• Boc's job to balance risk
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