Bank of Canada Governor Tiff Macklem told lawmakers Thursday the conditions for lowering the highest borrowing costs since 2001 are nearing, though he still needs clear evidence inflation is settling back to his target, echoing similar testimony he gave late Wednesday.

"The short answer is we are getting closer. We are seeing what we need to see. We just need to see it for longer to be confident that progress toward price stability will be sustained," he told the House of Commons finance committee. (MNI INTERVIEW: BOC Seen Cutting In June As Economy Fades-BDC)