'We are getting closer' to cutting interest rates, Bank of Canada governor tells MPs

The Bank of Canada is getting closer to cutting interest rates as inflation shows signs of coming down and staying down, the central bank's governor, Tiff Macklem, told MPs Thursday.Bank of Canada governor Tiff Macklem arrives to appear as a witness at a House of Commons finance committee in Ottawa on Thursday.

"Our key indicators of inflation have all moved in the right direction," he said, pointing at data that strips out more volatile price swings, like food and energy prices.Macklem's upbeat tone could be good news for homeowners and would-be buyers who have been forced to buy or refinance a home with interest rates at 20-year highs.

Macklem's relatively rosy outlook on rates differs somewhat from Jerome Powell, the chair of the U.S. Federal Reserve, the body that sets interest rates in that country."Inflation is still too high," Powell said. "Further progress in bringing it down is not assured and the path forward is uncertain."Macklem said there's a reason inflation has come down more here than in the U.S. — Canada's economy has been weaker than south of the border.

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