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

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

© Reuters. Bank of Canada Governor Tiff Macklem takes part in an interview after announcing an interest rate decision in Ottawa, Ontario, Canada January 25, 2023. REUTERS/Blair Gable

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 we’ve done enough,” Macklem said.

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