MNI: Macklem Says BOC Getting Closer To Rate Cut Conditions

Bank of Canada Governor Tiff Macklem told lawmakers Wednesday conditions for lowering interest rates are emerging but he's still looking for solid evidence that trend inflation is settling back to his 2% target.

"What do we need to see to be convinced it’s time to cut? The short answer is we are getting closer," he said in opening remarks to the Senate's banking committee. "We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained."

He also set to appear Thursday at the House finance committee at 845am EST. (See: MNI INTERVIEW: BOC On Track For June Cut- Ex Researcher) At the last decision he told reporters that a cut at the June meeting was within the realm of possibility, and his comments Wednesday didn't make any specific mention of that meeting.