The Globe and Mail reports in its Wednesday edition that caution is Bank of Canada Governor Stephen Poloz's new mantra on the outlook for the Canadian economy. The Globe's Barrie McKenna writes that Mr. Poloz is fretting over a long list of barriers that could derail the recovery from the commodities collapse, including a downturn in the global economy, weak business investment and a stronger loonie. Mr. Poloz told the House of Commons finance committee Tuesday: "While recent economic data have been encouraging on balance, they've also been quite variable. The global economy retains the capacity to disappoint further." Mr. Poloz says there is still "plenty of excess capacity" in the economy. The unambiguous message is that it will likely be some time before the BOC is in a position to start raising its key interest rate. Many economists do not expect a rate increase until late next year at the earliest. Toronto-Dominion Bank economist Brian DePratto says Mr. Poloz's comments underscore that "caution has become the Bank of Canada's guiding principle." Last week, the BOC upgraded its forecast for gross domestic product growth in 2016 -- to 1.7 per cent from 1.4 per cent.