Bank of Canada closer to be able to cut rates, says Governor

OTTAWA (Reuters) – The Bank of Canada is getting closer to being able to start cutting interest rates from their current 23-year highs, Governor Tiff Macklem said on Wednesday.

In opening remarks to the Senate banking committee, Macklem said: “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”.

(Reporting by Promit Mukherjee, editing by David Ljunggren)