The S&P/TSX Composite fell 1% to 30,145 on Wednesday as markets absorbed the BoC’s 25bp cut to 2.25% and its message that easing has likely reached an endpoint, alongside a similarly cautious Fed outcome. The move came against weak growth after Q2 GDP contracted 1.6% and a softer labour market despite a one-off 60,000 payroll boost that kept unemployment near 7.1%. Sticky inflation with headline CPI at 2.4% and the Bank’s Trimmed measure near 3.1% tempered hopes of further cuts. Traders treated the moves as largely priced in and shifted focus to forward guidance, which lifted yields and weighed on rate sensitive sectors. Tech and financials led the decline. Constellation Software plunged 8%. Major banks underperformed with RBC down 1.6%, TD 1.1%, BMO 1.0% and Scotiabank 0.8%.