BoC press conference: Governor Poloz's remarks on monetary policy - Live

In a press conference following the interest rate decision, Bank of Canada (BOC) Governor Stephen Poloz and Senior Deputy Governor Carolyn A. Wilkins will be delivering their remarks on the monetary policy implementation at 16:15 GMT at the National Press Theatre. 

The Bank of Canada today announced that it increased its target for the overnight rate to 1.25%, highlighting that recent data had been strong, inflation was close to the target, and the economy was operating roughly at capacity.

Key notes

Bank of Canada increases overnight rate target to 1.25% from 1%.

While the economic outlook is expected to warrant higher interest rates over time, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target.

 CAD: Data warrants a Bank of Canada rate hike today, NAFTA risks may not - ING.

According to Viraj Patel, Foreign Exchange Strategist at ING, the Bank of Canada is set to hike rates by 25 basis points today but the real driver will be the central bank's assessment for the economic outlook amid growing concerns over the future of the NAFTA free trade agreement.

About Stephen Poloz

"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas," as published on bankofcanada.ca.