Bank of Canada’s next rate move depends on data, says Stephen Poloz, but hike still on the table

Stephen Poloz, governor of the Bank of Canada, talks to Bloomberg on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday.Simon Dawson/Bloomberg

Bank of Canada Governor Stephen Poloz said he is keeping a close eye on developments in the nation’s housing market, as well as global trade tensions and the impact of lower oil prices, as he gauges the timing of his next interest rate increase.

In an interview with Bloomberg TV at the World Economic Forum in Davos, Switzerland, Poloz cited those three issues as key determinants of future policy, even as he reiterated his belief that borrowing costs are still likely to go higher.

“It’s data dependent,” Poloz said. “It will depend on how the economy responds to the shocks we’ve described.”

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