• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • NORTH AMERICA EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • NORTH AMERICA EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Resource Market
    Resource News
    Resource Stocks
    • Resource Market
    • Resource News
    • Resource Stocks

    Poloz: Canadian Economy Positive, but Some Areas Still Soft

    Olivia Da Silva
    Apr. 26, 2018 10:45AM PST
    Resource Investing News
    Resource Investing

    Bank of Canada governor Stephen Poloz has an optimistic outlook on the Canadian economy as a whole, but says some areas still need improvement.

    Bank of Canada governor Stephen Poloz spoke optimistically about Canada’s economy on Wednesday (April 25), but his positivity came with the caveat of rising interest rates.

    Poloz, who appeared before the Senate’s banking committee in Ottawa, spoke about how the economy is “finally positive” after having adjusted to a heavy oil price decline.

    Canada is a major oil exporter, and its economy took a hit in 2014 when prices started to fall.

    When one senator asked Poloz about the bank’s positivity in its April 18 interest rate announcement, referring to it as a “fairly rosy” outlook, he explained himself further.

    “When we describe the economy, as you say, in rosy terms, it is, I would say, more like finally positive terms,” Poloz said.

    In spite of that positivity, however, Poloz believes that some parts of the country’s economy needed further strengthening.

    “For the economy as a whole, it has put the adjustments to the oil price shock behind us, but we still have softness in several areas of the country,” he added.

    As the economy has been slowly improving, the Bank of Canada has hiked rates three times since July 2017. While the central bank chose to keep interest rates at 1.25 percent earlier this month, it is no secret that further hikes are coming, though they will be introduced gradually.

    “Higher interest rates will be warranted over time, although some degree of monetary policy accommodation will likely still be needed to keep inflation on target,” Poloz said on Wednesday.

    “The Bank will continue to monitor the economy’s sensitivity to interest rate movements and the evolution of economic capacity. In this context, Governing Council will remain cautious with respect to future policy adjustments, guided by incoming data,” he added.

    The central bank’s next scheduled announcement will take place May 30.

    Don’t forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

    interest ratecanadaheavy oil
    The Conversation (0)

    Go Deeper

    AI Powered
    Soldier holding a Canadian flag at sunset.

    Carney's Bold Defense Plan: Opportunities for Canadian Investors

    Press microphones in front of Federal Reserve seal and US flag.

    Why Does the US Federal Reserve Raise and Lower Interest Rates?

    Latest News

    Apollo Silver Announces Upsize of Private Placement Offering

    Volt Resources Strengthens Critical Minerals Supply Chain Strategy: Joins DARPA-Supported Critical MineralsForum and Alabama Mobility & Power Consortium

    Standard Uranium Announces Expansion of Davidson River Drill Program and Provides Update on Private Placement and LIFE Offering

    Update On The Mosseau Drill Program And Details Of New Fall, 2025 Exploration Program

    Locksley Advances Multiple Antimony & REE Workstreams

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
      • Electric Vehicles
    • Agriculture
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Energy
      • Uranium
      • Oil and Gas
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Robotics
      • Crypto
      • Cleantech
    Life Science
      • Biotech
      • Cannabis
      • Pharmaceuticals

    Featured Resource Investing News Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES