Bank of Canada's Macklem says 'too early' to consider rate cuts
BNN Bloomberg
The Bank of Canada’s top official said policymakers will consider cutting interest rates when inflation is “clearly” on a path to the 2 per cent target, but added that it’s still “too early.”
In a speech Friday, Bank of Canada Governor Tiff Macklem said that once officials are assured that price pressures are on a sustained downward track, they “will be considering whether and when we can lower our policy rate.”
“I know it is tempting to rush ahead to that discussion. But it’s still too early to consider cutting our policy rate,” Macklem said in Toronto.
Answering questions from reporters after the speech, Macklem reiterated that governing council is still prepared to hike borrowing costs further if needed, but noted that officials increasingly view interest rates as high enough to bring inflation to heel.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
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Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
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Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.