The Globe and Mail reports in its Tuesday, Sept. 3, edition that the Bank of Canada is expected to cut interest rates for the third time on Wednesday, lowering its benchmark rate to 4.25 per cent. The Globe's Matt Lundy writes that with inflation nearing the bank's 2-per-cent target and rising unemployment, the move is aimed at bringing down borrowing costs. The U.S. Federal Reserve's potential rate cuts also ease pressure on the BOC. Analysts will be watching for signs of how fast and deep the rate cuts may be in the coming months. BMO analyst Benjamin Reitzes says: "Clearly their rates should be lower than where they are now. And the bank's moving slowly and surely in that direction." At the previous rate announcement in July, Governor Tiff Macklem said the BOC's governing council was putting more emphasis on "downside risks" in its deliberations. He added, "We need growth to pick up so inflation does not fall too much." This shift in communications has bolstered predictions that the bank will not be taking a pause from lowering rates any time soon. Interest-rate swaps, which capture market expectations of monetary policy, are pricing in six quarter-point cuts by June or July of next year.