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Bank of Canada Governor Tiff Macklem says countries will cut rates at own pace

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Bank of Canada Governor Tiff Macklem says central banks will make monetary policy decisions geared toward their own economies, which means some countries may begin cutting interest rates before others.

Bank of Canada Governor Tiff Macklem speaks during a fireside chat Tuesday, February 6, 2024 in Montreal. THE CANADIAN PRESS/Christinne Muschi

"We've all been resolute in our commitment to restore price stability, and we've matched those words with action that has helped us all bring inflation down. As we enter the next phase of disinflation, countries may progress at different speeds," the governor said. The U.S.'s roaring economy and sticky inflation is delaying forecasters' expectations for rate cuts from the Federal Reserve.

Economists have been particularly encouraged by the slowdown in core inflation, which measures underlying price pressures by stripping out volatility.

 

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