April 19, 2016 / 4:41 PM / 2 years ago

BRIEF-Bank of Canada's Poloz speaks before finance committee

April 19 (Reuters) -

* Bank of Canada’s Poloz: we would put very low risk of possibility of inflation overshooting target sooner than expected

* BoC’s Poloz: U.S. is a good year ahead of us in this process of converging

* BoC’s Wilkins: have seen volatility in export activity

* BoC’s Wilkins: have identified exports as upside risk because of our cautious outlook

* BoC’s Wilkins: we continue to look at housing market very closely

* BoC’s Wilkins: what have seen over last year is what would expect given transition in economy

* BoC’s Wilkins: in major cities like Vancouver, Toronto the markets are going very strongly, we’re watching that closely

* BoC’s Wilkins: given the localized nature of housing market, monetary policy as a tool is too blunt for that

* BoC’s Poloz: distortions that may emerge from negative interest rates grow with length of time used

* BoC’s Poloz: inflation target renewal is a “live issue” for us at this time, won’t go into specific details

* BoC’s Poloz: issue of inflation target level is most prominent issue, because of issue of cbanks recently at the lower bound of rates

* BoC’s Poloz: for me the bar for changing inflation target framework is very high, won’t take question lightly

* BoC’s Poloz: encouraged somewhat by small signs of growth in other countries over last few months

* BoC’s Poloz testimony ends Further coverage: (Reporting By Leah Schnurr)

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