An Op-Ed with an ax.  Tangential to the reason fro the rate cut.

As Jackson fully understands, the rate cut had nothing to do with employment and everything to do with giving the BoC some future wriggle room in the event of another financial problem.

The real issue is that the velocity of money is not a continuous function, but a series of partial derivatives with respect to rates.  Getting to a place where there is some movement with a new rate reductions if needed is the goal.

With respect to employment and capacity the clear assumption was that the market had moved to a level where a rate hike would do little to no damage.

I would be very happy to see Jackson write something constructive on employment.