Comment: Poloz is merely stating what has been implicit since Trump won in November.  Bank economists have missed this as the key threat in their statements expressing surprise and disappointment in the Bank of Canada continued dovish posture.

Additionally, I think his remarks about rates going up in 2018 were intended to warn real estate speculators in the GTA.

As for his being a disappointment from a business formation and capital expenditure perspective, I think he is not in the least complicit.  There are a host of political and structural reasons that business investment is slow and poor commodity prices have not helped.

I was not pleased when Poloz was selected, based on his style and track record at EDC, but he has done a very good job.