MNI: BOC Says Policy No Longer Needs To Be As Restrictive

Bank of Canada Governor Tiff Macklem on Wednesday echoed his reasons behind the decision a week ago to lower interest rates and left out any mention of a potential divergence from the Federal Reserve.

"Inflation has come down, and underlying inflation continues to ease gradually," Macklem said in the prepared text for a talk at the Conference of Montreal. "With further and more sustained evidence that underlying inflation is easing, monetary policy no longer needs to be as restrictive as it has been." (See: MNI INTERVIEW: BOC Free To Cut At Next Four Meets- Brett House)