Bank of Canada says it’s reasonable to expect more rate cuts

The Bank of Canada, led by Governor Tiff Macklem, is considering further rate cuts following a drop in the consumer price index to 2%, the lowest since February 2021. Macklem noted that the bank has achieved key goals in managing inflation, which is now within the target range. The next monetary policy decision is set for October 23, with markets anticipating a significant rate cut. Macklem emphasized the need for economic growth to absorb slack and will monitor consumer spending and business investment closely.