First part of 2024 'is not going to feel good': Macklem

Bank of Canada Governor Tiff Macklem says interest rates will likely come down at some point in 2024 in what he predicts will be a transitional year for the Canadian economy.

In an exclusive interview with BNN Bloomberg’s Amanda Lang, Macklem predicted rates might begin to come down “sometime in 2024,” but did not provide a more detailed timeline.

“We're very focused on core inflation,” he said in the television interview set to air Friday, adding that the central bank will need to see “a number of months with sustained downward momentum in core inflation” before it cuts interest rates.

“(If) you look at our projection, it's some time next year, but I'm not going to put it on a calendar.”