opinion

Prime Minister Mark Carney jokes with Minister of Finance and National Revenue Francois-Philippe Champagne at a community centre in Ottawa on Oct. 10.

John Turley-Ewart is a contributing columnist for The Globe and Mail, a regulatory compliance consultant and a Canadian banking historian.

If anyone doubted that their financial prospects hang in the balance with Tuesday’s federal budget, Bank of Canada Governor Tiff Macklem put such doubts to rest on Thursday.

Mr. Macklem cut the bank’s policy rate from 2.50 to 2.25 per cent last week. He also signalled that more cuts are unlikely.

He doesn’t believe they will solve our low productivity problem, which lags most other advanced economies and, if boosted, could help mitigate the effect of President Donald Trump’s tariffs on ou

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