Abstract: A mechanism and method for adjusting the position of a cutting insert relative to the body of a cutting tool is disclosed. The mechanism of the invention comprises a pair of flexible cantilevered walls each defining a wall of cutting insert pocket in the body of a boring bar. A boring bar of the invention comprises a bar body having at least one pocket for receiving a cutting insert and a position-adjusting mechanism including a pair of flexible cantilevered walls each defining a wall of the pocket. In the method of the invention, a boring bar is provided having a plurality of pockets each defined by a pair of cantilevered walls adapted to be flexed by a wedge mechanism. Next, a cutting insert is installed into each pocket. The position of the cutting edge of each cutting insert is then determined. In the last step of the method, the radially inwardmost insert is adjusted outward by using the wedge mechanism to flex the cantilevered walls.