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  • 11/07/2017 11:22:17

    Inflation targeting still makes sense: Bank of Canada's Poloz

    Bank of Canada Gov. Stephen Poloz said consumer price inflation targeting was still a useful mechanism for central banks, even though inflation has been notoriously low in developed economies of late. "The fundamental drivers of inflation, along with identifiable short-term factors, can explain inflation to a degree that is well within normal statistical tolerance," said Poloz in a speech to CFA Montreal and the Montreal Council on Foreign Relations. The recent weakness in inflation data was no reason to stop using it, as it has worked for more than 25 years, he said. Canada's CPI for September came in below expectations, as prices increased 1.6% on the year, compared with the FactSet consensus forecast of 1.7%. The U.S. dollar retreated from a two-day high against its Canadian rival but remained firmly higher after the speech was released. The greenback last bought C$1.2787, up from C$1.2704 late Monday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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