The Globe and Mail reports in its Thursday, April 25, edition that Bank of Canada officials are divided over the timing of interest rate cuts, but they agree that the pace of the cuts will be gradual when they begin easing monetary policy. The Globe's Mark Rendell writes that a summary of the discussions that took place ahead of the April 10 rate decision shows members of the bank's governing council are becoming more confident that inflation is on a path back to the 2-per-cent target. That has opened the door to interest-rate cuts in the coming months. However, some members of the council remain wary about cutting interest rates too soon, in light of a jump in domestic demand and robust growth in the United States. That suggests a rate cut at the bank's next meeting on June 5 is not a sure thing. Financial markets put the odds of a June rate cut at about 45 per cent. That rises to 80 per cent for a rate cut in July. While policy-makers remain split on the appropriate timing of the first rate cut, there is more consensus about the likely path of monetary policy through the remainder of the year. BOC Governor Tiff Macklem doubts interest rates will drop as quickly as they rose in 2022 and 2023.