CANADA'S BANK CHIEF FACTORING TECHNOLOGY INTO RATE CHANGE CHOICE

Sep 27, 2018

By Michael Kramer

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The governor of the Bank of Canada says disruptive technologies are making it harder to determine whether – and how quickly – to raise interest rates.

But Stephen Poloz says Canadians don’t need to fear the new digital age – and in fact  they are already seeing benefits from it, and embracing it.

His comments came in a speech today in Moncton, N.B. – where he also said the Canadian economy had fully recovered from the 2008 financial crisis – and the collapse in oil prices in 2014.

The central bank governor says digital disruption is just as much a factor in deciding monetary policy as inflation – and the ongoing concerns around global trade uncertainty – but new digital technologies in particular could be giving the economy more room to grow – before inflation pressures really start to emerge.

Poloz says raising interest rates too quickly – could unnecessarily choke off economic growth.

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