This is the best summary I could come up with:

Meanwhile, quarterly GDP numbers released last week were weaker than expected: the economy grew by 1.7 per cent during the first three months of the year, increasing the likelihood of a cut.

CIBC economist Andrew Grantham wrote in a note to clients that "with core inflation decelerating and growth remaining tepid there wasn't a good excuse to not begin the process of moving rates lower today."

He expects the Bank of Canada to lower interest rates by another 25 basis points at its next meeting, on July 24, with another two cuts after that before the end of the year.

Tu Nguyen, an economist with RSM Canada, noted that a single rate cut won't revive the economy overnight.

But she said it "signals to consumers and businesses the beginning of a gradual and orderly rate cut cycle that will unfold over the next year and a half.

"We had to start being really thoughtful about what we were spending money on, which I think was the Bank of Canada's intent," Hopkinson told CBC News.

The original article contains 568 words, the summary contains 170 words. Saved 70%. I'm a bot and I'm open source!