BOC’s Poloz:opening statement
Financial vulnerability concerns weighed against cut
Overall excess capacity in the Canadian economy has increased, which will bring a degree of downward pressure on inflation
We received a string of disappointing consumer readings
BOC weighed risk that inflation could fall short of target against risk that lower rate path would lead to higher financial vulnerabilities
Slow down in late 2019 might indicate greater passthrough from global weakness. If so, better signs from global growth should be positive
Much of BOC deliberations focused on persistence of slowdown
There are some downside indications on consumer but these aren’t our baseline
Excess capacity is not uniformly balanced across country