The Globe and Mail reports in its Saturday edition that Bank of Canada Governor Tiff Macklem says inflation could be "getting close to" the bank's target by the end of next year, and that central-bank officials are becoming more confident that interest rates do not need to move higher to get prices back under control. The Globe's Mark Rendell writes that Mr. Macklem says it is still too early to be talking about interest-rate cuts. However, he highlights the bank's "significant progress" in fighting inflation, and says the BOC could start easing monetary policy once it is confident that inflation is "on a sustained downward track." He says: "The 2-per-cent inflation target is now in sight. And while we're not there yet, the conditions increasingly appear to be in place to get us there. The economy is no longer in excess demand, and underlying inflationary pressures are easing in much of the economy." Mr. Macklem says 2024 will be a "year of transition." The next few quarters will be tough for many Canadians as economic growth stalls while inflation remains elevated, particularly for key goods and services such as food and shelter. Mr. Macklem says, however, that things should look up as the year progresses.