Poloz speech: Balance of risks did not warrant cutting rates at this time

Bank of Canada (BoC) Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now delivering their remarks on the monetary policy outlook following the BoC's decision to leave the policy unchanged at 1.75% in January. 

Key quotes

"Balance of risks did not warrant cutting rates at this time."

"We weighed risk that inflation could fall short of the target against the risk that lower rate path would lead to higher financial vulnerabilities."

"Clearly this balance can change over time as data evolve."

"Overall excess capacity in the Canadian economy has increased, which will bring a degree of downward pressure on inflation."

About Stephen Poloz (via bankofcanada.ca)

"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas."