The governor of the Bank of Canada has made it clear that the US Federal Reserve does not control what happens in Canada.

At a conference attended by finance decision makers from all over the world, held at Jackson Hole in Wyoming, Stephen Poloz said that the BoC is “quite capable of being fully independent.”

The Fed chair Janet Yellen’s speech at the conference once again raised expectations that the U.S. would see interest rate rises sooner than previously expected, but Poloz clarified that there is no set process of Canada following its neighbour.

That said, current expectations are that both banks will raise interest rates sometime next year, most likely in the second half.

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