BoC's Poloz: We remain fully data-dependent

Bank of Canada (BOC) Governor Stephen Poloz and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy implementation in a press conference, providing key quotes, via LiveSquawk, found below.

Poloz: We remain fully data-dependent.

Poloz: Data-dependence is illustrated "very aptly" today.

Poloz: In terms of nafta, it's a very big unknown for us.

Poloz: There's no unambiguous pre-calculation one can do about how it will affect economy, more about being able to respond in real time in appropriate way.

Poloz: Some accomodation just means "some"; we can't be precise about it.

Poloz: If economy were completely back to normal, arguably somewhere in neutral zone is where rates would be but it will be sometime before we can get there.

Key notes

Bank of Canada increases overnight rate target to 1.25% from 1%.

While the economic outlook is expected to warrant higher interest rates over time, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target.

Bank of Canada hikes again, but NAFTA worries persist - ING.

"The Canadian economy is strong and inflation pressures are rising, but the outcome of NAFTA talks is key in determining the path for interest rates," ING economists argue.

About Stephen Poloz

"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas," as published on bankofcanada.ca.