The Financial Post reports in its Thursday edition that the Bank of Canada has now trimmed rates by 125 basis points this year, which is the "most aggressive set of cuts among the major central banks globally," Douglas Porter, chief economist at the Bank of Montreal, said in a note. The Post's Gigi Suhanic quotes Mr. Porter saying that while the general tone of the statements and monetary policy report was dovish, the underlying message appeared to be that there is little urgency to follow up with another large move and data would determine the next move. He said that while the central bank missed on its third-quarter GDP estimates, it has not altered its growth forecasts for 2024 and 2025 and only "shaved" its outlook for headline inflation. "But the two-year view on core has not budged," he said. Mr. Porter said Wednesday's jumbo 50-basis-point cut came "mostly" due to the significant slowdown in inflation over the past few months, but he thinks the central bank's overall outlook for inflation and the economy "suggest default moves will be 25-bps steps," unless growth or inflation dictate otherwise. BMO is calling for five more 25-basis-point cuts to bring the terminal rate to 2.5 per cent by June, 2025.