Bank of Canada flags uncertainty from US trade, Middle East

The Bank of Canada naming US trade policy and the Middle East as forecast risks is a reminder that macro uncertainty is now the default backdrop for every risk asset, crypto and tokenized RWAs included. What matters is not the flag itself but whether it hardens into a change in the bank's outlook, since that would ripple through rate expectations and, by extension, the discount rates applied to yield-bearing on-chain instruments. The item offers no detail on direction or magnitude, so the open question is whether these risks stay rhetorical or start showing up in the bank's formal projections.