The Globe and Mail reports in its Thursday, Oct. 30, edition that the Bank of Canada cut its benchmark interest rate by a quarter-percentage-point to 2.25 per cent, marking the second consecutive cut and fourth this year. The Globe's Mark Rendell writes that the BOC also lowered its economic growth forecast and indicated that Canada is facing a "structural transition" due to U.S. tariffs, which may lead to a permanently lower standard of living for Canadians. Governor Tiff Macklem said that the policy rate was now "at about the right level to keep inflation close to 2 per cent while helping the economy through this period of structural adjustment." Although he added that the BOC could come off the sidelines if there is a "material" change in the outlook. This seems to mark the end of an easing cycle that began in the summer of 2024 and that saw the bank lower borrowing costs nine times. It also highlights what Mr. Macklem and his colleagues believe are the limits of monetary policy in dealing with an unprecedented trade shock that is changing the very structure of the Canadian economy. In effect, Mr. Macklem is handing the baton off to Prime Minister Mark Carney ahead of the much-anticipated federal budget next week.