Bank of Canada governor Stephen Poloz has told an international business audience he had to make a surprise cut to interest rates in January. In a speech today to the Canada-United Kingdom Chamber of Commerce, Poloz said the move was necessary because of the stunning speed and magnitude of the oil-price shock. And he said the action appears to have worked. (Poloz also acknowledged the bank was well aware it was about to catch everyone off guard. Observers have questioned Poloz's decision to cut the key rate to 0.75 per cent, with some suggesting the central bank's credibility may have taken a hit as a result.)

Date: 2015-03-26
Placeline: LONDON.
Source: The Canadian Press
Length: 17 seconds

Transcript Prediction: << and over the following weeks but we saw I wasn't place in Decline as expected and I would expand roughly in line with our projection and we stopped and Ankle conditions he's low price is stabilizing a range reason we close for January projection >>

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