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

FILE PHOTO: The Bank of Canada building is pictured in Ottawa June 1, 2010. REUTERS/Chris Wattie/File Photo © Thomson Reuters

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”.

Source: Reuters/Reporting by Promit Mukherjee, editing by David Ljunggren