Bank of Canada Governor Stephen Poloz will not announce any additional interest-rate cuts or other measures at his press conference scheduled for this morning with federal Finance Minister Bill Morneau, the central bank said Wednesday.
The bank issued an advisory to reporters stating: “In this morning’s press conference, the Governor intends to speak to the measures the Bank has taken to ensure the financial system has sufficient liquidity so that credit continues to be available to businesses and households. He will not be announcing any new measures or actions.”
Last Friday, Mr. Morneau and Mr. Poloz held a joint press conference in which the bank’s governor announced a surprise half-percentage-point rate cut, lowering the central bank’s key rate to 0.75 per cent. On Sunday, the U.S. Federal reserve cut its own key rate a full percentage point to a range of zero to 0.25 per cent, prompting widespread speculation that the Bank of Canada would cut further this week.
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David Parkinson