Bank of Canada holds benchmark interest rate steady at 5%, says no cuts without sustained easing of inflation

Bank of Canada Governor Tiff Macklem holds a press conference at the Bank of Canada in Ottawa on Wednesday, March 6, 2024. THE CANADIAN PRESS/Sean Kilpatricksaid it needs to see evidence that progress on inflation is sustained before it will be convinced to cut rates.

"What do we need to see to be convinced it’s time to cut? The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained," Macklem said. Desjardins managing director and head of macro strategy Royce Mendes wrote in a note on Wednesday that the latest releases from the central bank "paint a picture of policymakers who are nearly ready to begin a rate cutting cycle.""The only fly in the ointment today comes from outside Canada, with the hotter-than-anticipated U.S. inflation numbers creating some concern that some price pressures could spillover the border.

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