The Financial Post reports in its Thursday edition that one day of extreme volatility has shaken Canada's stock market to the point that strategists may reconsider their benchmark targets for the entire year. A Bloomberg dispatch to the Post says that stock-market prognosticators on both sides of the border who did not incorporate U.S. President Donald Trump's tariffs into their outlooks will probably need to lower their year-end expectations for the S&P/TSX Composite Index and the S&P 500 Index. The S&P/TSX composite plunged 3.1 per cent at the open on Monday, before paring its loss to 1.1 per cent over the course of the day, led lower by industrial stocks with cross-border supply chains. And while news after the closing bell that U.S. tariffs on Canada would be paused 30 days eased the near-term risk, in the long run, the uncertainty lingers. Mr. Trump's tariffs may affect the nation's monetary policy as well. Traders now see a higher likelihood the Bank of Canada cuts rates at its next meeting and more aggressively over the course of 2025. The market is now fully pricing in a 25-basis-point rate reduction at the bank's March 12 meeting, up from a perceived 75-per-cent chance last week.