The Financial Post reports in its Friday, Aug. 30, edition that next Wednesday, Bank of Canada Governor Tiff Macklem is widely expected to reduce the central bank's policy interest rate for the third consecutive time. The Post's guest columnist John Turley-Ewart writes that for the two-million-plus Canadians renewing mortgages this fall and next year -- and those tapping credit lines to keep up with the rising cost of living -- a rate cut offers some relief, but not enough. Even if the BOC proves aggressive next week and cuts its key rate by 50 basis points, from 4.5 per cent to 4 per cent, Mr. Turley-Ewart says it will only dull the pain but not cure the hardship facing many households. Despite recent easing of the BOC's policy rate, it remains, according to National Bank, "one of the most restrictive in a generation." The BOC's rapid interest rate increases started in March, 2022, and ended in July, 2023. Rates went from 0.25 per cent to 5 per cent and stayed there until this June. Inflation fell from its peak of 8.1 per cent in June, 2022, to 2.7 per cent as of this May. The troubling outcome of the BOC's policies is unemployment. It has been rising since April, 2023. Nearly 1.5 million people are now out of work.