"Here in Canada, lower oil prices have reached the point where they will have material consequences for our macroeconomic outlook," Bank of Canada governor Stephen Poloz said. It also directed attention to a costly gap between Canadian and U.S. benchmark oil prices. However, overall, the bank expects the impact of the oil price decline to be about one-quarter the size of that during the oil price plunge that hit in 2014 and continued through 2016. (Jason Franson/The Canadian Press)Mark said the energy industry is a big part of the Canadian economy and so, in light of the current challenges, there's some reason to be less aggressive in monetary policy. The Canadian economy has been performing well overall, the bank said Wednesday.

Source: CBC News January 09, 2019 22:07 UTC