"The governor of the Bank of Canada gave a speech in New York Tuesday in which he
highlighted the weakness in the global growth outlook and how lower interest rates are
likely to be the new normal. Stephen Poloz ruled out a further cut in Canada’s interest
rates though, unless there is a “shock of some significance.” While the governor’s words
were uncomfortable for investors – pension funds were specifically warned to expect
lower rates for some time – it is clearly good news for mortgage rates."