The Bank of Canada held rates steady, again, for the fifth consecutive time to no one’s surprise (but disappointing perhaps for homeowners and others anxiously awaiting a cut).   Its latest decision came even though the latest data from January shows inflation in Canada is slowing and is within the central bank’s target range of 1% to 3%, but not quite at its target of 2%. Still, Governor Tiff Macklem said that while it’s clear the central bank’s previous moves are working, it’s too early to cut the benchmark rate.   Scotiabank’s Chief Economist Jean-François Perrault is back to break down the latest decision, what the Bank of Canada needs to see in order to start cutting rates and when a rate cut is likely at this point.    Key moments this episode:  00:56 — What have we learned from this latest announcement?   1:43 — What numbers fed into this rate decision?  3:08 — Why has it been so hard to get to that Bank of Canada inflation target?  4:50 — If shelter costs are the most stubborn part of inflation, how much can the Bank of Canada move the needle?  7:12 — Breaking down the conundrum around how inflation and shelter costs are related  8:26 — What other risks could drive up inflation?  10:05 — When might we see rate cuts?  12:05 — What would need to happen for the Bank of Canada to begin interest rate cuts?  13:24 — How does government spending factor into the Bank of Canada’s upcoming decisions?  15:46 — It’s been about two years since the Bank of Canada began hiking rates. What have we learned since then?  17:16 — The two things Canadians need to know after the decision today