Comments from Lynn Patterson, Bank of Canada Deputy Governor

  • Core and total inflation will converge to 2 pct as output gap closes by mid-2017
  • Growth in Canada is picking up above potential starting in second-half of 2015, led by non-energy exports and investment
  • Canada is adjusting to oil, commodity price decline with lower borrowing rates, lower CAD
  • Oil shock was most intense in first half of year, compounded by temporary factors
  • US recovery gaining traction, boosting Canadian exports
  • Global economy is weaker in 2015 but will rebound in 2016, 2017
  • Real GDP to grow by just over 1 pct this year, rising to 2 pct in 2016, 2-1/2 pct in 2017

Headlines via Reuters

more to come