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Business Brief: Why the rate cut comes with a caveat

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It’s hard to provide forward guidance when you don’t know how serious Trump is about his tariffs

Good morning. The Bank of Canada’s latest cut finds Governor Tiff Macklem in a tricky position. Signs of consumers brightening up as rates come down are dimmed by Ottawa’s new caps on immigration, which will slow the country’s population growth. And that’s not accounting for one Trump-sized wild card. More on Macklem’s minefield below, but first:on the airline’s 66-per-cent stock price surge.

Forward guidance is also risky business when you’re surrounded by uncertainty. And right now, there’s a profusion of the stuff, from population growth to tariffs to fiscal policy.We could get more clarity on one of those fronts this Monday, when the federal government releases its fall economic statement.

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