Former Bank of Canada Governor Stephen Poloz says inflation is likely to cool faster than people are expecting, opening the door for lower interest rates. The economist, who led Canada’s central bank from 2013 to 2020, said the country’s stronger-than-expected growth in the first half of the year was driven by population increases and the resolution of unique supply shocks from the pandemic. An early-year jump in household spending was likely a mirage, he said, driven by savings built up during the COVID lockdowns. “I don’t think the consumer is as resilient as the data will make them look,” Poloz said in an interview ... CLICK HERE to read the full story
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