Bank of Canada's Macklem says interest rates may be at peak

OTTAWA - The Bank of Canada may not have to raise its key overnight rate further if inflation cools in line with the central bank's expectations, Governor Tiff Macklem said in an interview with the Canadian Broadcasting Corp.

The bank increased rates 10 times between March 2022 and this July, with inflation peaking at more than 8% last year. Macklem said the BoC would be looking for "clear evidence" inflation is heading toward the bank's 2% target before it would cut interest rates. Warren Buffett's company owns a piece of Chevron, which just struck a deal to acquire Hess, a key player in Guyana's oil boom.

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