Shenfield is quoted as saying: “the jobs market is tightening, and not far from what historically has been judged as full employment. Over to you, Governor Poloz.” The last time the Bank of Canada raised the overnight rate, in June 2010, they were looking at a reduction in the unemployment rate from 8.1% in April to 8.0% in May. The economy wasn’t remotely close to full employment but interest rates were still raised. Let’s remember that this is supposed to be an inflation targeting central bank and Poloz’s sins of commission and omission have made it difficult for him to justify raising rates even if the economy was stronger than it is now. The most flagrant was the hiking of the true rate of inflation targeted from 1.5% to 1.7% with the 2016 renewal agreement.