Macklem made it clear in an interview with Reuters that he is focused on whether interest rates would need to go higher and is not even considering cutting them as part of the fight against inflation.
No Cut in Interest Rates
"As things start to get 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 need to think about cuts ... the question we're asking ourselves is, 'Have we done enough?' We're pausing to assess whether we've done enough," Macklem said.