Poloz and Wilkins testifies in front of the House of Commons Standing Committee on Finance, in Ottawa
Wilkins:
- incomes will grow alongside interest rates
- if there is ever a time to get back to normal as regards interest rates, it's during this period
Poloz
- labor shortages are solvable with smart policies
- Canada world-class cities inexpensive vs global standards
- neutral emphasis was to convey it as approaching fact
- Want people to understand 3% rates are a normal thing
- need to balance risk of going to quickly on rate hikes with risk of going to slowly
- if we moved to quickly with rate hikes economy will slow below its potential growth rate and that is not what what you want