Poloz: low interest rates put in place after oil shock have ‘done their job’

Bank of Canada Governor Stephen Poloz arrives at a press conference at the National Press Theatre in Ottawa on Wednesday, June 8, 2017. (Sean Kilpatrick/The Canadian Press)

By The Canadian Press, June 28, 2017 

OTTAWA — With the Bank of Canada nearing its next policy decision, governor Stephen Poloz is reiterating his message that his 2015 interest-rate cuts appear to have done their job.

Poloz said in an interview broadcast on business news channel CNBC that the Canadian economy enjoyed “surprisingly” strong growth in the first three months of 2017 and he expected the pace to stay above potential.

The Canadian dollar climbed to 76.44 cents US, up from an average price of 75.83 cents US on Tuesday, as the comments increased speculation about the possibility of an interest rate hike by the Bank of Canada.

Read full article here…..