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BOC presser is over. Bulk of discussion......>

CANADA
CANADA: BOC presser is over. Bulk of discussion revolved around risks to the
trade outlook, and how BOC was assessing them in conducting monetary policy.
Wilkins' opening statement noted 'two-sided' risks to output and inflation from
the trade war, with downside risks much larger than upside risks. Cited in Box 2
of the monetary policy report (page 21):
https://www.bankofcanada.ca/wp-content/uploads/2019/07/mpr-2019-07-10.pdf
- One Q: Would BOC consider an insurance cut, like the US Fed appears to be? A:
Poloz: Not commenting on US mon pol; trade policy unpredictable. 'Theory is
there' for an insurance cut if risks were tilted to the downside. But Poloz
describes current situation as economy strengthening with some potential
downside risks.

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