It's slack in the system. Our short run aggregate supply curve is flat lining, and aggregate demand is just idling along. There are no pressures from input prices, and no inflationary expectations to get workers clambering for cost of living allowances.

We should just kick back and enjoy the ride for a while. I don't need higher interest rates, we don't need any more inflation than what we're seeing. Most of what we are seeing are ripples from the volatile edges of the CPI shopping basket. That, and the odd tsunami of uncertainty from our erstwhile ally and major trading partner to the south.

For those who think Mr Poloz is anything but competent and intelligent, you need to take an introductory course in macro-economics to find out what his actual job entails. It sounds like you'd be surprised to find it's complex, very challenging, and goes far beyond making periodic pronouncements about keeping the overnight rate where it's at.