BUSINESSBank of Canada’s Poloz says stimulative rates needed for temporary soft patch

OTTAWA — Bank of Canada governor Stephen Poloz says the economy needs a longer lift from stimulative interest rates to overcome domestic and global economic hurdles, though he predicts the country’s recent economic weakness will only be temporary.

Poloz, speaking Monday to a business audience in Iqaluit, Nunavut, noted the difficulties related to the late-2018 drop in oil prices, the cooler housing market and ongoing global trade uncertainty. He then argued the data have also shown “many areas of encouraging economic growth.”

“Clearly, there are challenges in the Canadian and global economies that we need to manage,” Poloz said in his speech to the Baffin Regional Chamber of Commerce.

“But there are clear signs that Canada is adjusting to the challenges.”

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