The Financial Post reports in its Thursday, March 7, edition that CIBC Capital Markets economist Avery Shenfeld says the Bank of Canada kept its cards close to its chest for the timing of interest rate cuts. The Post's Barbara Shecter writes that Mr. Shenfeld, in a note following the rate announcement, says: "The Bank of Canada kept rates unchanged, and didn't make any great leaps toward an actual rate cut today. The overall message is that it's too early to cut, and that they need to see more progress on inflation." On inflation, the BOC said there has been progress, but nonetheless stuck to its message that it remains "concerned" and wants to see further improvement, especially in its two preferred consumer price index measures -- CPI-median and CPI-trim. Still, Mr. Shenfeld says he was surprised there was no mention of an inflation measure that strips out mortgage interest costs. The economist now expects the BOC to provide clearer direction in April when it releases a new Monetary Policy Report, "which in addition to a fresh forecast, should show enough optimism in the battle against inflation to set markets up for a rate cut in June, assuming the data in the coming month point in that direction."