The Globe and Mail reports in its Thursday edition that members of the Bank of Canada's governing council are wary of cutting interest rates too early and having to reverse course if inflation rebounds, according to a summary of the discussions that took place ahead of the central bank's Jan. 24 rate decision. The Globe's Mark Rendell writes that two weeks ago, Governor Tiff Macklem and his deputies held the BOC's policy rate steady at 5 per cent for the fourth time in a row. They said they were unlikely to raise interest rates further, but maintained it was too early to start talking about cuts. The summary of deliberations, released Wednesday, shows the group in a cautious holding pattern: fairly confident that monetary policy is working to get inflation under control, but nervous about throwing in the towel too early. The summary said, "While members did not want to make economic conditions more painful than necessary, they were particularly concerned about the persistence of inflation and did not want to lower interest rates prematurely, only to have to raise them again to get inflation back to the 2 per cent target." Financial markets are pricing in a 70-per-cent chance that the first rate cut will happen in June.