BoC Governor Stephen Poloz admitted today that “data released since our October Monetary Policy Report have been on the disappointing side “. And, “the economy has less momentum going into the fourth quarter than we believed it would.”
Also, regarding recent oil price slump, Poloz added “it is already clear that a painful adjustment is developing for Western Canada and there will be a meaningful impact on the Canadian macroeconomy.”
The comments echo BoC’s cautious statement yesterday and solidify the chance for BoC to pause its rate hikes if things don’t improve.
