The Financial Post reports in its Thursday, Sept. 5, edition that Canadian Imperial Bank of Commerce chief economist Avery Shenfeld said in a note to clients that the Bank of Canada took a "cautious approach" and played it safe in cutting rates by just 25 basis points. The Post's Jordan Gowling writes that Mr. Shenfeld said the latest reduction leaves "rates still well above where they will have to head to get the economy really moving again now that inflation is less of a threat." Market-based measures and some economists had upped the odds of a 50-basis-point cut following the release of gross domestic product data on Friday that showed the economy could post weaker growth in the third quarter than forecast by the Bank of Canada. It is possible, Mr. Shenfeld said, that bank officials could open the door to rate cuts of a larger magnitude if growth and inflation come in weaker than expected. "For now, we're calling for two more 25-basis-point moves this year, en route to a roughly 2.5 per cent overnight rate next year, but a disappointment in upcoming jobs data could still compel a bolder pace of easing."