The Globe and Mail reports in its Friday, Feb. 6, edition that the Canadian economy is undergoing a significant structural transformation that may hinder growth for years, but further interest rate cuts could be counterproductive, said Bank of Canada Governor Tiff Macklem on Thursday. The Globe's Mark Rendell writes that U.S. protectionism, artificial intelligence, and a slowdown in population growth are fundamentally changing the Canadian economy, said Mr. Macklem. Canadian companies have begun to adjust to this new world. But this process will take "years, not quarters," he said, with major risks if the economy fails to restructure. He said: "The transition could be faster than we expect, particularly if trade uncertainties ease and businesses move more boldly to invest in new technology, markets and products. But it could also be more painful than we'd like -- particularly if the trade situation darkens or other shocks disrupt the economy." He urged business leaders and politicians to "lean into" these forces by developing new international markets and adopting AI tools to boost productivity. His hawkish stance on monetary policy indicates the BOC will hold rates through 2026.