In the Q&A segment Poloz didn’t even hint that he might be raising interest rates rather than lowering them next time the Bank moves rates even though the US Fed has raised the federal funds rate three times on his watch. His lame excuse was that there was a lot more slack in the US economy than in the Canadian economy. However Canada has an out-of-control house price inflation way beyond anything in the US. The annual inflation rate for January 2017, the most recent month available, for the US Case-Shiller national home price index was 5.9%, as opposed to 13.0% for the Teranet National Bank 11-city composite HPI, its Canadian counterpart. If this is a housing bubble that goes bust, Poloz should shoulder the lion’s share of the blame.