Macklem says he wants growth to pick back up as bank cuts key rate again
The measure proceeded despite significant pushback from business and physicians' groups
While there was concern progress could stall, consensus was inflation would continue downward momentum
Weakening economy and high interest rates push businesses to rein in hiring
Governor says if inflation continues to ease, it is reasonable to expect further cuts
Markets expect the central bank to cut its key lending rate by one-quarter of a percentage point on Wednesday
The government says that even if a bill has not yet passed, the change will take effect on June 25
The slowdown from 2.9% in March was led by food prices, services and durable goods
The April employment gain was the largest monthly increase since January 2023
Forecasters widely expect the Bank of Canada to lower its policy rate in June or July