The Globe and Mail reports in its Thursday, Sept. 18, edition that the Bank of Canada and the U.S. Federal Reserve both resumed interest-rate cuts on Wednesday. The Globe's Mark Rendell writes that after months of holding rates steady -- since March for the BOC and December for the Fed -- both central banks acted to address weakening employment and reduced concerns about inflation. The BOC cut its policy rate by a quarter point to 2.5 per cent but did not indicate further cuts, with Governor Tiff Macklem stating the bank would proceed "carefully" and with a shorter outlook. The Fed also cut its rate by a quarter point, lowering the target range for the federal funds rate to 4 to 4.25 per cent. The Fed's new economic projections indicate that most officials now anticipate two more rate cuts in October and December, with additional cuts expected next year. Mr. Macklem said: "Considerable uncertainty remains. But with a weaker economy and less upside risk to inflation, governing council judged that a reduction in the policy rate was appropriate to better balance the risks going forward." While U.S. economic growth has held up fairly well through 2025, the picture is considerably worse in Canada.