The Globe and Mail reports in its Wednesday edition that Canada's inflation rate fell enough in January to put it within the Bank of Canada's target range, surprising analysts and sparking speculation about a potential interest rate cut this spring. The Globe's Matt Lundy writes that the consumer price index rose 2.9 per cent in January on an annual basis, down from 3.4 per cent in December, Statistics Canada said Tuesday. Financial analysts had predicted a slight decrease to 3.3 per cent in the inflation rate. However, the actual result has fallen back within the BOC's target range of 1 to 3 per cent. This is only the second time since 2021 that consumer prices have returned to the target range. Inflation is also tracking lower than the bank's estimate for this quarter. The Globe says investors increased bets on the BOC lowering interest rates in the first half of the year after the inflation report. Interest-rate swaps, which capture market expectations about monetary policy, suggest there is about a 50-50 chance the central bank will deliver a quarter-point cut in April. The odds are more heavily stacked in favour of that move occurring at the following rate decision, in June. The bank's next decision is on March 6.