Doug Porter, chief economist at the Bank of Montreal, said the Canadian dollar is overvalued by 5 percent to 10 percent given levels of commodity prices.
The time is right for Stephen Poloz to drop the Bank of Canada’s bias toward raising interest rates when he takes over as governor next month, according to Bank of Montreal’s Doug Porter.
The Bank of Montreal, the country’s fourth-largest bank by assets, named Douglas Porter chief economist today, replacing Sherry Cooper who is retiring.
Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.
The cost of living for Canadians is set to grow at the fastest pace since 1991 this year as concerns about the global recovery keep Bank of Canada Governor Mark Carney from raising borrowing costs.
"The negatives arrive pretty quickly and the positives show up with a bit of a lag."
- Doug Porter on Oct 15, 2014
BMO’s Porter Sees April Payrolls Rising 130,000