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Bank of Canada Urges Government Action Amid Economic Risks

11/3/2025

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Summary

Story summary

Bank of Canada Governor Tiff Macklem said monetary policy has limitations and cannot address sector-specific issues caused by tariffs.
He indicated the federal government must take the lead in fiscal policy to support the economy.
The upcoming federal budget is unprecedented in its spending and tax cuts and could lead to high deficits.
Experts warn that without boosting productivity, Canada risks falling behind economically.

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Story summary

Bank of Canada Governor Tiff Macklem said monetary policy has limitations and cannot address sector-specific issues caused by tariffs.
He indicated the federal government must take the lead in fiscal policy to support the economy.
The upcoming federal budget is unprecedented in its spending and tax cuts and could lead to high deficits.
Experts warn that without boosting productivity, Canada risks falling behind economically.