Tony Stillo and Michael Davenport of Oxford Economics said the Bank of Canada's rate cut today did not completely abandon its previous message that the rate cut would be decided on a meeting-by-meeting basis, and it still highlighted concerns about rising inflation in housing and services. Analysts believe this means that the possibility of a significant 50 basis point rate cut is temporarily non-existent. But with the Bank of Canada refocusing on downside risks, economic weakness and slowing inflation will prompt the Bank of Canada to proceed with a 25 basis point rate cut in October and December. Such a steady pace should bring the policy rate down to 2.25% by September 2025, the lower bound of the Bank of Canada's neutral rate expectation.