The Financial Post reports in its Thursday edition that Bank of Canada Governor Stephen Poloz is nothing if not patient.
The Post's Gordon Isfeld writes that with the economic adjustment to the oil-price collapse "proving to be uneven" -- and output further hampered by the Alberta wildfires -- Governor Stephen Poloz is still managing to hold the line on expectations, and interest rates.
On Wednesday, Mr. Poloz maintained the BOC's trendsetting lending level at 0.5 per cent. Mr. Isfeld doubts the BOC will make another adjustment this year and perhaps not until well into 2017.
The Post says Mr. Poloz is hoping the clouded outlook will dissipate in the second half of this year, an assessment that matches forecasts by private-sector analysts.
Once tallied, Canada's output in the second quarter of this year likely declined, but the BOC sees a rebound in the third quarter, "as oil production resumes and reconstruction begins." Mr. Poloz expects "a return to solid growth in 2016" in the United States.
Wednesday's rate statement made no mention of the likely economic impact of the federal government's multibillion-dollar stimulus program.
Mr. Poloz says the BOC will continue to monitor Ottawa's spending plans.
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