Insights collected from sources invaluable to central bank decisions: official
OTTAWA — Intelligence collected from industry sources helped the Bank of Canada navigate the oil-price collapse and a top bank official says invaluable nuggets of information like that will continue to be relied upon for future policy decisions.
In a Calgary speech, deputy governor Lynn Patterson said Wednesday that the central bank has made good use of the insight it’s amassed from contacts such as fellow policy-makers, market participants and company representatives.
That source-based information — combined with information taken from models, data and internal analysis — all feed into the bank’s judgment on potential policy actions, she said.
“I can’t emphasize enough how critical these real-time perspectives are to our overall understanding of economic developments, and this is especially true during periods of heightened uncertainty,” Patterson told CFA Society Calgary.