Poloz statement: Commodity-producing countries are being hit twice right now

Comments from the Bank of Canada Governor

• Balance of risks is a decline in inflation
• Risk of sustained deflation in Canada is low
• Repeats that 0.25% in effective lower bound
• There has been some improvement in market functioning
• Says today's MPR will be his last (dispelling rumors he might be asked to stay on)
• Corporate bond market continues to show signs of strain
• BOC has so far accumulated over C$200B of new assets, amounting to about 10% of Canada's GDP
• Extending repo program should help banks and lower mortgage rates
• BOC stands ready to augment all programs if needed