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Poloz speech: Effect of new tax cut is equivalent to about 0.1% economic growth

Bank of Canada (BoC) Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now responding to questions from the press following the BoC's decision to leave the policy unchanged at 1.75% in January. 

Key quotes

"Persistence of disappointing growth data would be measured by its impact on inflation."

"Effect of the new federal government tax cut is equivalent to about 0.1% economic growth."

"Given we expect growth to pick up in Q1, the output gap starts to close and only has a small drag on inflation."

About Stephen Poloz (via bankofcanada.ca)

"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas."

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