Governor Tiff Macklem says the bank’s recent interest rate cuts are starting to feed through into the economy, with an uptick in consumer confidence
Bank of Canada Governor Tiff Macklem waits to appear at the Senate Banking, Commerce and the Economy committee, in Ottawa, on Oct. 30.Governor Tiff Macklem said the central bank is prepared to cut interest rates by half a percentage point again if the economic conditions warrant it.
“We’ve been pretty clear that we anticipate lowering them further, unless we’re surprised by economic developments,” Mr. Macklem said on Wednesday. Financial markets are betting that the Bank of Canada will shift back to a quarter-point cut at its next meeting on Dec. 11, with interest rate swap markets putting the odds at around 90 per cent, according to LSEG data. Swap markets see the policy rate declining to 2.75 per cent by the end of next year.
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