EXCLUSIVE-Bank of Canada‘s Macklem says he is ’not even thinking of cutting rates

EXCLUSIVE-Bank of Canada's Macklem says he is 'not even thinking' of cutting rates

OTTAWA (Reuters) – Bank of Canada Governor Tiff Macklem on Wednesday said he was focused on whether interest rates would need to go higher and is not even considering cutting them as part of the fight against inflation.

Macklem made his remarks in an interview with Reuters after earlier announcing a rate hike and saying the central bank would pause to see how the economy was reacting to tightening.

“As things start to get more back to normal, at some point, yes, we probably will be thinking about some modest cuts in interest rates,” Macklem said.

“But inflation is still over 6%. We‘re not talking about cuts. We’re not even thinking about cuts … the question really we‘re asking ourselves is, ’Have we done enough？‘ We’re pausing to assess whether weve done enough,” Macklem said.

(Reporting by Steve Scherer and David Ljunggren)

USD/JPY Forecast – US Dollar Clinging to ¥130NASDAQ, S&P 500, Dow Jones Analysis – Markets Test Session Highs As Microsoft ReboundsEUR/USD, GBP/USD, USD/CAD, AUD/USD – U.S. Dollar Index Remains Stuck Near 102Natural Gas Price Forecast – Natural Gas Markets Continue to SlideNatural Gas, WTI Oil, Brent Oil – Natural Gas Markets Test New LowsTurkey: Early Election Points to Growing Risk of Future Disruptive Economic AdjustmentLoadingLoadingLoading