Bank of Canada expects to cut rates this year, governing council split on timing

Bank of Canada Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor hold a press conference at the Bank of Canada in Ottawa on Wednesday, March 6, 2024. THE CANADIAN PRESS/Sean KilpatrickThe Bank of Canada expects it will be able to begin cutting interest rates sometime this year, but officials are split on timing.

"There was some diversity of views among governing council members about when there would likely be enough evidence that these conditions were in place, and how to weight the risks to the outlook," the summary said. On Wednesday, the U.S. Federal Reserve also announced it is holding its key interest rate unchanged for a fifth consecutive meeting.

In Canada, recent data shows the annual inflation rate came in lower than expected for a second consecutive month, reaching 2.8 per cent in February. "If the housing sector rebounds in the spring, shelter price inflation could be pushed up, delaying the return of CPI inflation to the two per cent target. If inflation proves more persistent than expected, monetary policy would likely need to remain restrictive for longer," the summary said.

Jailyn’s cries echoed through the quiet streets of Cleveland in the dead of the night. The toddler whimpered and howled, but no one came to her rescue. Her mother, Kristel Candelario, was away on a 10-day summer vacation and had left Jailyn alone in a playpen with a few bottles of milk, prosecutors said.The federal Liberal government is slated to table electoral reform legislation on Wednesday that could change the way voters cast their ballots.

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