BoC's Patterson: Economic drag from lower oil prices largely behind us

In her speech titled 'Markets Calling: Intelligence Gathering at the Bank of Canada', Lynn Patterson, the Deputy Governor of the Bank of Canada, said that the economic drag from lower oil prices was largely behind them.

Key quotes:

• As a central bank, we rely heavily on our excellent models and incoming data for our forecasts
• Although our policy judgments are guided, in part, by our intelligence gathering, we know that financial markets are dynamic and that we will never have a perfectly complete, up-to-the-minute picture of all activity
• While we are committed to transparency, we are mindful of the need to respect the confidentiality of what we hear from individual firms
• We publish our findings broadly in the FSR and other Bank publications and in CFIF minutes posted on our website to educate and raise awareness both domestically and internationally