The full effects of interest rate hikes have yet to be felt — and will be "even more powerful" than many anticipate, former Bank of Canada governor Stephen Poloz says.
"Does anybody here think the sensitivity of the economy to interest rate movements is less today than it was five or 10 years ago?" Poloz asked. "I think is more sensitive today than it was before." "I think that the actions that are being taken to get us there will turn out to be even more powerful than a lot of people think," Poloz said.
"In other words, the part of inflation that is externally driven, really is transitory. It's OK to use the word transitory," he said.
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