Floating mortgage rates got a haircut on Wednesday, but fixed-rate funding costs went the other direction. That's not unusual in the latter stages of rate cut cycles, especially when core inflation treats policy targets as optional.

Welp, people might not be able to afford steak at the grocery store anymore, but at least floating borrowing costs dropped.

So now that the overwhelmingly anticipated 25-beep cut arrived on cue, what does the BoC have planned for an encore?

Here's some visibility on that, plus nine key nuggets from today's announcement.
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"Downside risks to employment" led to a quarter-point Fed cut today. That was foreseen.

What markets didn't know is how the Fed views future rates. Here's what they revealed:
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Tuesday's inflation data was quickly shelved as traders prepared for whatever cryptic pronouncements the BoC and Fed might deliver come Wednesday's press circus. We all share essentially the same data as central bankers, so surprises should be limited. Nevertheless, one sideways comment can still move yields double digits.

If the BoC planned to trim rates tomorrow despite its key inflation measure above 3%—which would be a first since 1991—today’s CPI release won't convince them otherwise.

Canada's primary measure of underlying inflation landed precisely on target today at 3.05% y/y. Sure, that's still above the Bank of Canada's 3% control ceiling, but markets are betting the BoC won't care enough to scrap its easing plans.

The consensus insists that core inflation is destined to drop, and that's all BoC governors need to worry their pretty little heads over, economists say.

Here's what the numbers say:

Overall, Canadian real estate has been taking a rest for a few years. It's been sideways consolidation where nobody’s running for the exits, and nobody’s breaking down sellers' doors.

But lulls in the action don't mean mortgage pros can sit on their hands. In the bulletin below, we've got the market play-by-play for August, plus three tactics originators can apply when managing prospective homebuyers.

Bond yields edged lower as traders practised synchronized breath-holding for this week's BoC, Fed, and StatCan triple feature. It all starts with the Canadian CPI at 8:30 a.m. ET today.