$1:
Yesterday's speech was clearly meant to be upbeat. Of course the commodities crash is hurting the Canadian economy. We've been through it before, said Poloz. While falling oil has an immediate effect on the economy, the rebound of the non-commodity economy is inevitably slower.
As the bank has shown, spurred by a falling loonie those non-commodity exports have already begun to surge. But in the wider economic statistics the growth will be camouflaged by the plunge in resources spending at least until later in 2016.
Meanwhile, said Poloz, falling energy prices are good for the global economy. And a stronger global economy is exactly what Canada needs to help its exports grow.
But the guy certainly doesn't seem to have the Mark Carney touch, he needs some pr help.
