World Economy is Strong: Poloz
CBJ — Stephen Poloz, governor of the Bank of Canada, is confident that a decade of low-interest rates around the world has set up a strong enough global economy to the point now that such low interest rates can be steadily withdrawn.
Poloz made the remarks at the Canada-UK Chamber of Commerce.
The Bank of Canada has been gradually increasing its overnight trendsetting rate over the past six months. The rate now sits at 1.75% and could reach 2.5% to 3% within the next six months to a year. It’s now evident that the higher interest rates are coming, it’s merely a matter of how swiftly.