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MNI BRIEF: BOC Says Premature To Discuss Rate Cuts

(MNI) OTTAWA
OTTAWA (MNI)

Bank of Canada Governor Tiff Macklem told reporters Wednesday that officials didn't actively discuss the potential for cutting interest rates, because the focus of their decision to hold borrowing costs was on inflation that remains elevated.

“The focus across the council was very much on holding,” Macklem said, and there was a clear consensus that “it’s premature to be discussing cutting our policy rate.”

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Bank of Canada Governor Tiff Macklem told reporters Wednesday that officials didn't actively discuss the potential for cutting interest rates, because the focus of their decision to hold borrowing costs was on inflation that remains elevated.

“The focus across the council was very much on holding,” Macklem said, and there was a clear consensus that “it’s premature to be discussing cutting our policy rate.”

Keep reading...Show less