Bank of Canada Governor Tiff Macklem on Wednesday deflected questions about whether he could provide forward guidance before cutting interest rates and how fast he could move once he begins, saying it's premature to discuss after holding borrowing costs amid upside inflation risks.

Even if officials aren't laying out advance signals, investors and Canadians will be able to see for themselves if things are evolving as the Bank of Canada anticipates, Macklem said at a press conference after keeping the key rate at 5%.

“We don’t give forward guidance on our forward guidance” including what could be said a future rate announcement, Macklem said.

“Everybody would like to see lower inflation and lower interest rates; so would we,” he said. Asked about the pace of rate cuts when they begin he said “it’s very safe to say we aren’t going to be lowering rates at the pace we raise them.”

Macklem let it be known he's aware the public wants to see lower borrowing costs even with monetary policy working at the pace that could be expected in this situation. “It would be great if this worked faster, it would be great if this was less painful.” (MNI INTERVIEW: Investors Jump Gun On BOC Cuts- Ex Deputy Lane)