MNI BRIEF: Trudeau Hopes BOC Will Cut Sooner Rather Than Later

Canadian Prime Minister Justin Trudeau said inflation figures published earlier on Tuesday make him hopeful the central bank will soon be able to cut interest rates, adding that's not his decision to make and also ruling out slashing government spending to help lower prices.

“We are optimistic the Bank of Canada will start bringing down interest rates sometime this year, hopefully sooner rather than later,” he said at a press conference in Vancouver while announcing funding to boost the supply of housing. Trudeau said that while he would be "fiscally responsible" major spending cuts would hurt important programs and "that’s the thing that right wing conservatives simply don’t get." (See: MNI INTERVIEW: Investors Jump Gun On BOC Cuts- Ex Deputy Lane)

With Trudeau was British Columbia Premier David Eby who said “I continue to try to drive home the message to the (Bank of Canada) Governor that we won’t get inflation under control with housing prices pushed up” by high interest rates.