Rate cut timing 'difficult to foresee' amid inflation pressures: BoC deliberations

OTTAWA — The Bank of Canada isn't sure when it will be able to start cutting interest rates as it continues to contend with inflation that's still too high and broad-based, its summary of deliberations of its Jan. 24 rate decision reveals.

The central bank heldits key rate at five per cent last month, giving higher interest rates more time to slow the economy and ease price pressures. But the Bank of Canada has said time and time again that it wants to see more evidence that inflation is headed sustainably toward its two-per-cent target. Its deliberations noted the governing council is wary of moving too quickly, only to have to reverse course later.

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