Bank of Canada Governor Tiff Macklem indicated the central bank is poised to lower interest rates, following a stable inflation rate around 2.9% and rising gasoline prices. Speaking to the House of Commons Finance Committee, Macklem suggested that rate cuts could start before inflation hits the 2% mark. He also noted considerations might be given to the Canadian dollar's performance against potential rate cuts. Macklem emphasized a cautious approach to reducing rates, predicting a gradual implementation. He also highlighted that recent economic data supports the expectation of continued inflation decline, with GDP growth projections of 1.5% for 2024 and 2.0% for the following two years. Macklem reassured that the Bank of Canada operates independently of the U.S. Federal Reserve, underlining distinct economic conditions between the two nations.
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