As inflation cools, Macklem says different countries will cut rates at own pace

Bank of Canada Governor Tiff Macklem says central banks will make monetary policy decisions geared toward their own economies, which means some countries may begin cutting interest rates before others.

Macklem made the comments while speaking to reporters on the sidelines of International Monetary Fund meetings in Washington, D.C. Friday.

"We've all been resolute in our commitment to restore price stability, and we've matched those words with action that has helped us all bring inflation down. As we enter the next phase of disinflation, countries may progress at different speeds," the governor said.  

Macklem contrasted weak economic conditions in Canada and the European Union with the roaring economy of the United States.