Speaks to reports in London
- BOC has a positive outlook
- Global trade risks are two-sided
- Trade risks are significant
- chipping at central bank independence could elevate risk
- Turkey and Argentina have seen risk premia increase
- Monitoring the Brexit situation closely
- Higher tariffs or more likely recipe for higher rates
- neutral range rate is a statistical construct
- neutral range is in principle movable
- willing to see how companies react to NAFTA resolution
- trade issues still constraining Canada investment
- stage of expansion will supply side is more dominant
- last thing you want to do is tighten policy too much so that it chokes the economy
- believes that the BOC is normalizing at the right pace
