April 10, 2024 15:13 GMT
MNI BRIEF: BOC's Macklem Says June Rate Cut Is Possible
(MNI) OTTAWA
OTTAWA (MNI)
Governor made comment at press conference in Ottawa after deciding to hold rates Wednesday.
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Bank of Canada Governor Tiff Macklem said Wednesday an interest-rate cut at the next meeting in June is possible if the economy progresses as expected, his bluntest comment to date about trimming the highest borrowing costs since 2001.
“Yes, it’s within the realm of possibilities,” he said in response to the first question at a press conference following the decision to hold the 5% policy rate for a sixth meeting. (See: MNI BOC WATCH: Macklem Sees Conditions For Rate Cut Emerging)
“We did discuss when to reduce our policy interest rate” in the deliberations and there was “a clear consensus” to hold today, Macklem said.
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