By Paul Vieira

OTTAWA--The Bank of Canada is expected to embark on a prolonged series of rate cuts, starting this June and ending in late 2025 with the country's main interest rate two percentage points lower than its current level, according to a central bank survey released Monday.

The Bank of Canada's quarterly survey, conducted in early March, is based on responses from about 30 financial-market participants on questions regarding the economy and monetary policy. The consensus toward rate cuts starting in June comes as inflation in Canada has remained under 3% for three straight months, a development that Bank of Canada Gov. Tiff Macklem said last week is a sign upward price pressures are abating and returning "closer to normal."

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(END) Dow Jones Newswires

04-22-24 1111ET