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Bank of Canada Governor Stephen Poloz said a January interest rate cut is enough to support the nation’s economy as it recovers from the slump in oil prices.

“That amount seems to be about right to restore our track for the Canadian economy for the next year or so and get the output gap to close late in 2016,” Poloz said during a panel talk Monday at the Bloomberg Americas Monetary Summit in New York. “The amount of insurance was just about the right amount.”

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Poloz became the first Group of Seven central banker to ease monetary policy in response to the drop in oil prices, cutting the key rate in January to 0.75 per cent. He called it “insurance” against the impact of the downturn.

After that surprise move, bets on another cut this year soared. Though expectations declined as the Bank signalled more confidence in the economy, as of last week, the market was still betting on a 35% chance of a rate cut in July.