Monetary policy is working," Macklem said, adding that economic growth would be "close to zero" through the third quarter of this year. By Steve Scherer and David Ljunggren OTTAWA, Feb 7 (Reuters) - Bank of Canada Governor Tiff Macklem said on Tuesday that no further rate hikes will be needed if, as expected, the economy stalls and inflation comes down. "If new data are broadly in line with our forecast and inflation comes down as predicted, then we won't need to raise rates further," Macklem said in a speech to financial analysts in Quebec City.