The Globe and Mail reports in its Thursday, Feb. 1, edition that former Bank of Canada deputy governor Paul Beaudry said he expects the central bank to start cutting interest rates in July, later than markets are currently predicting, as inflationary pressures remain stubborn. The Globe's Mark Rendell writes that Mr. Beaudry said in a conversation with Canadian Imperial Bank of Commerce economist Avery Shenfeld, published by CIBC on Tuesday: "If you look at the [BOC's] projection it's mid-2024 they're predicting that some of these underlying forces in inflation should be coming down. My impression is they'll be hesitant to reduce rates until that period, I'd say the midyear. So I wouldn't see the potential rate cuts until probably the July decision." Last week, the BOC kept its benchmark interest rate steady at 5 per cent for the fourth consecutive time but dialled back its threats of additional rate hikes. BOC officials now believe interest rates are high enough to pull inflation back to the bank's 2-per-cent target over time, and discussions have shifted to how long to keep them at the current restrictive level. Most Bay Street analysts think the bank will start easing monetary policy around the middle of the year.