Poloz and Wilkins take questions:
- Output gap isn't anything to ignore
- We will weigh the risks in their totality
- There are costs associated with an insurance cut
- Opening of output gap will have a minor inflation effect
- We are not an island, we are not immune from global developments but we are in a good place to cope
- There is substantial monetary stimulus in the system, that's been a factor for a long time
- CAD has been relatively stable against USD, but USD has been strong globally
- On languages change: It's best not to say the same thing every time
- A new NAFTA deal and China-US phase one deal would cause uncertainty to stop rising
- We definitely talked about what a rate cut would look like
- The best solution is to hold firm and watch things develop
- Says they didn't discuss rate cut in September because they didn't have updated forecasts
Wilkins:
- Next year the contribution from gov't to GDP goes to 0.2 pp from 0.7 pp this year. That could change with new gov't.
