The Bank of Canada is getting closer to cutting interest rates as inflation shows signs of coming down and staying down, the central bank's governor, Tiff Macklem, told MPs Thursday. "We do see renewed downward momentum in underlying inflation. The message to Canadians is: we are getting closer. We are seeing what we need to see and we just need to be confident that it will be sustained," Macklem said during an appearance before the House of Commons finance committee. Economic growth has stalled, there's an excess supply of goods, wage increases have stabilized and the labour market has cooled "from very overheated ... (full story)