The Bank of Canada will start cutting interest rates in the second quarter of next year as inflation and the economy slow, according to economists polled by Reuters, who forecast base borrowing costs will drop by at least one percentage point by end-2024. BoC Governor Tiff Macklem said in a recent speech "interest rates may now be restrictive enough" with excess demand gone and weak growth expected to persist, leading most to conclude the central bank is done hiking. But Macklem also said "right now, it is not time to start thinking about cutting interest rates."
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