The Bank of Canada reduced its benchmark interest rate by 25 basis points on Wednesday, a move observers had almost universally expected amid various signs of economic weakness.

The Bank cited the “weakening economy and less upside risk to inflation” in its decision to cut.

“Looking ahead, the disruptive effects of shifts in trade will continue to add costs even as they weigh on economic activity,” the central bank said in a statement alongside the decision.

For many economists, today’s decision was a foregone conclusion following Tuesday’s “unthreatening” inflation data, and the debate had turned to the extent of cuts in the meetings to follow today’s.

“With core measures of inflation likely to cool further in the months ahead thanks to the slack building up in the economy and the removal of many retaliatory tariffs on September 1, we not only expect a 25-basis-point cut tomorrow but also a further reduction at the October meeting,” CIBC economist Andrew Grantham wrote on Tuesday.

In its July decision the BoC held rates steady at 2.75 per cent for a third straight meeting.

Tune in to hear Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers take questions from reporters at 10:30 a.m. ET.

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