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. On the hawkish side, the Bank of Nova Scotia has the BoC cutting the policy rate by 25 basis points in the first quarter to 3 per cent, and then holding it there for the rest of the year. Royal Bank of Canada has the rate falling to 2 per cent before the end of next year. RBC economist Frances Donald said the Canadian economy has lost momentum, so rates need to move into stimulative territory and not remain in the BoC's neutral range of 2.25 to 3.25 per cent.