The Bank of Canada expects it will cut rates this year, but officials are split on the timing

The Bank of Canada expects it will be able to begin cutting interest rates sometime this year, but officials are split on timing.

That’s according to the central bank’s summary of deliberations detailing the discussions governing council members had in the lead-up to the March 6 interest rate announcement.

The summary says governing council members agreed that if the economy and inflation evolve in line with the Bank of Canada’s projections, the central bank will be able to begin cutting interest rates sometime this year.

And while members agreed on the conditions the Bank of Canada needs to start lowering its policy rate