The Globe and Mail reports in its Thursday, Jan. 25, edition that the Bank of Canada held its policy interest rate steady at 5 per cent for the fourth consecutive time on Wednesday. The Globe's Mark Rendell writes that the BOC also showed a notable shift in its language by opening the door to possible rate cuts in the first half of this year. The BOC effectively confirmed what financial markets have assumed for months: that interest rates have peaked for this business cycle. Governor Tiff Macklem said at a press conference after the rate announcement, "With overall demand in the economy no longer running ahead of supply, governing council's discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level." He did not rule out further rate hikes altogether, but suggested they were unlikely if inflation and economic activity developed in line with the bank's projection. With economic growth stalling in Canada and inflation hovering near the upper end of the BOC's 1-per-cent to 3-per-cent control range, Bay Street analysts and investors expect the bank to start cutting interest rates in the coming quarters.