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Bank of Canada Governor Tiff Macklem has warned against expecting an interest rate cut anytime soon, despite the country’s central bank halting the trend last month.

The bank started raising rates about 14 months ago as a part of its fight against inflation.

However, Macklem says he expects inflation to cool down this summer, but interest rates will hold steady.

He further stated that if inflation doesn’t drop to 3% this summer and 2% next year, he will step in and act.

The Bank of Canada’s key interest rate is currently holding steady at 4.5%.

Nevertheless, if the bank starts seeing signs that inflation is likely to get stuck materially above their 2% target, they are prepared to raise rates further.

Meanwhile, the Federal Reserve in the United States increased their interest rates.

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