"We're getting closer to cutting interest rates," the Bank of Canada governor told MPs.

In the latest economic news, the Bank of Canada, led by Tiff Macklem, has seen signs of easing and stabilization in inflation, and it appears that the bank is moving closer to cutting interest rates. The governor of the central bank has announced that we are witnessing a downward trend in core inflation, and the key inflation indicators have all moved in a favorable direction. Despite the stagnation in the economic growth, excess in the supply of goods, stability in the increase of wages and decrease in the labor market, the price pressure has decreased.

Macklem's optimistic view of interest rates may be good news for homeowners and potential buyers struggling with high interest rates. However, Macklem cautioned that we shouldn't expect interest rates to return to record lows during the COVID-19 pandemic. These statements show the cautious balance of the Canadian central bank in facing the economic challenges ahead.


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