BOC's Wilkins: Data has been stronger than expected

Wilkins kicks off the press conference

• Many data points have been stronger than expected
• Some of the upward rise is unsustainable
• Households have benefitted from child benefit credit
• Toronto housing gains unlikely to be sustainable
• We see higher profile of household investment
• Toronto-area rises in prices suggest speculation at work
• Welcome strength in Canadian data but want to see more of it in order to be confident
• Sees stronger household spending as upside risk in short term but negative risk in longer horizon
• We now have a better sense of range possibilities from US than in January
• Possible outcomes of US policy changes almost all entirely negative for Canada