With that in mind, my remarks today will cover three points: First, how the Canadian economy has evolved since our quarterly Monetary Policy Report (MPR) in July; next, how we have factored developments on the trade side into our outlook; and, finally, I will give you a sense of Governing Council’s deliberations that led to our decision yesterday to hold our policy rate steady.
Recent economic developments When it comes to economic developments, Canada has been thrown several curve balls over the past decade: the financial crisis; lower commodity prices; and now, trade tensions.