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The Bank of Canada cut its key interest rate by 25bps to 3% in its January 2025 decision, as markets expected, to mark 200bps in rate cuts since the start of the cutting cycle in June 2024. In the meantime, the central bank also announced the end of quantitative tightening, and will restart asset purchases in early March to support liquidity and traction of economic activity. The Governing Council noted that CPI inflation converged to the 2% mark in recent months and is expected to remain close to the target in the upcoming two years, as underlying price growth continues to slow. In turn, the council also flagged concerns that tariffs from the US would bring tests to Canada's economic recovery, hampering key sources of demand for domestic goods and services. Still, the BoC expects GDP growth to strengthen in the year, projecting an expansion of 1.8% in the two upcoming years following expectations of a 1.3% growth in 2024, according to the new Monetary Policy Report.