Poloz and Wilkins taking questions at the BOC press conference

  • Sees 'fair amount of agreement' on Trump tax stimulus
  • We're more confident than before on forecasting
  • Was the bank on track to hike rates before the election? No
  • Uncertainty in the post-election world is undiminished; in some areas it's higher
  • We'll have to wait and see on specific changes that take place
  • Markets appear to have embraced the fiscal part of US election. It was odd for us to assume market changes but not fiscal changes
  • Positive fiscal shock from US won't fully benefit Canada because it will erode tax advantage

USD/CAD quickly up to 1.3130 from 1.3090 after Poloz mentions a rate cut. For some context, he said it was contingent downside risks materializing.