Bank of Canada head says he won’t seek second term at helm

Stephen Poloz, who resisted this year’s global rush to cut interest rates, won’t seek a second term at the helm of Canada’s central bank when his mandate ends in June.

In a statement posted to the Bank of Canada’s website, Poloz called his time there “the most fulfilling of my long career.”

Since Poloz came to power in 2013, Canadian household debt has continued to increase and remains near record highs. His efforts to reduce the economy’s reliance on low interest rates, housing and debt ultimately fell short amid the lingering effects of the recession and global trade tensions.