The Financial Post reports in its Friday edition that most economists a month ago likely would have told you that Canadian interest rates would steadily decline during the first half of 2025 before stabilizing in the third quarter. The Post's Jordan Gowling writes that was before U.S. president-elect Donald Trump introduced the threat of a 25-per-cent tariff on all Canadian imports, a "major new uncertainty" that even Bank of Canada Governor Tiff Macklem said is clouding policy-makers' outlook. "They'll have to be humble and nimble," Jimmy Jean, chief economist at Desjardins, said, echoing a favourite refrain of U.S. Federal Reserve chair Jerome Powell. Given the range of projections for 2025, central bank watchers in Canada may want to heed that advice as well. TD Bank lands in the middle, predicting the overnight rate will fall to 2.25 per cent by the end of 2025. "I've been calling this the 'entering the probing phase' to figure out how low rates need to go," said James Orlando, a senior economist at TD, who sees 100 basis points in cuts coming over the course of the year. These outlooks could go out the window if Mr. Trump follows through on his threat to impose a 25-per-cent tariff on all goods from Canada.