Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers hold a press conference at the Bank of Canada in Ottawa on Wednesday, March 6, 2024.
The Bank of Canada expects it will cut rates this year, but officials are split on the timing | CBC News LoadedThe Bank of Canada's governing council members agree that if the economy and inflation evolve in line with projections, the central bank will be able to begin cutting interest rates sometime this year.Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers hold a news conference at the Bank of Canada in Ottawa on March 6.
And while members agreed on the conditions the Bank of Canada needs to start lowering its policy rate — they want to see further and sustained easing in the bundle of indicators they call "underlying inflation" — they had varying views on when those conditions will be met.
Officials at the central bank signalled that they still expect to cut their key interest rate three times in 2024 despite signs that inflation remained surprisingly high at the start of the year. Yet they foresee fewer rate cuts in 2025, and they slightly raised their inflation forecasts. The latest inflation figures solidified economists' expectations that the Bank of Canada will begin cutting interest rates around the middle of the year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labour market gains 41K jobs in Canada, supports Bank of Canada holding rates for longerStatistics Canada said February's increase in the labour market was driven by a rise in full-time work.
Read more »
Bank of Canada expected to hold interest rates this weekThe Bank of Canada is expected to preach patience at its interest rate announcement this week as economists say weakening economic conditions are setting the stage for rate cuts in the coming months.
Read more »
Ontario premier calls on Bank of Canada to start lowering interest ratesOntario Premier Doug Ford says the people “need a break” from high interest rates, a day before the Bank of Canada announcement.
Read more »
Bank of Canada expects to cut rates this year, governing council split on timingThe Bank of Canada expects it will be able to cut interest rates sometime this year, but officials are split on timing.
Read more »
'It's still too early': Bank of Canada holds benchmark rate, reiterates risk to inflation outlookThe decision marks the fifth time that the central bank has held its key rate at 5 per cent.
Read more »
CIB and First Nations Bank of Canada announce $100 million loan participation agreementCanada's construction news
Read more »