Carney's departure bad timing for Canada

Mark Carney's surprise decision to accept the head job at the Bank of England, after explicitly telling everyone he was not interested, adds to an already uncertain outlook for Canada. Moreover, it could not come at a worse time for Canada's economy, which appears to be confronting the risk of a potentially severe and protracted housing market correction. Carney's departure has not materially altered, however, the near-term outlook for interest rates.