According to Jinshi Data, CIBC Capital Markets fixed income strategists said traders may revise their bets on the extent of the Bank of Canada's policy rate cuts. The final interest rate currently implied by the market is around 2.8%. CIBC believes that there will be more rate cuts in the future, and the Bank of Canada is expected to stop at 2.25%. This situation is not digested by the options market at all. The yield on 2-year Canadian government bonds may fall further, from the current 3.1% to 2.5%. Bank of Canada Governor Macklem said it is unclear when the rate cuts will stop and the neutral interest rate will be found.