加拿大央行的 Macklem认为，随着关税在结构上重塑加拿大经济，税率处于适当水平。加拿大央行 Tiff Macklem隔夜告诉立法者，央行最近的政策宽松反映了加拿大经济面临的周期性疲软和更深层次的结构性挑战。Macklem重申，上周将利率下调25个基点至2.25%，这是多次会议中的第二次降息，旨在在“通胀压力得到控制”的情况下支持经济增长。

BoC's Macklem sees rate at right level as tariffs reshape Canadian economy structurally.BoC Tiff Macklem told lawmakers overnight that the central bank's recent policy easing reflects both cyclical weakness and deeper structural challenges facing the Canadian economy. Macklem reiterated that last week's 25bps rate cut to 2.25% — the second in as many meetings — was aimed at supporting growth amid “contained inflationary pressures.

活动指南：加拿大就业报告（2025年10月）。中行行长麦克勒姆认为，尽管9月份数据强劲，但加拿大劳动力市场“疲软”。10月份的数据会支持他的担忧吗？

Event Guide: Canada's Employment Report (October 2025).BOC Gov. Macklem thinks Canada's labor market is “soft” despite September's strong figures. Will October's numbers support his concerns?

标准普尔/多伦多证交所综合指数周三上涨1.1%，收于30104点，此前一交易日大幅下跌，大宗商品生产商的涨幅抵消了更广泛的避险基调。能源股领涨，森科尔在第三季度业绩强于预期和股息增加后飙升4.5%，而加拿大天然气公司、帝国石油公司和Cenovus也上涨。由于金价反弹，主要矿商Agnico Eagle、Wheaton Precious Metals和Barrick Gold的股价均从约2.5%上涨至3.7%。科技股也表现出色，CGI上涨5%，Celestica上涨5.1%，业绩强于预期。在宏观方面，加拿大10月份的综合采购经理人指数从9月份的46.3升至50.3，标志着自2024年11月以来私营部门的首次扩张，而总理马克·卡尼的第一份预算概述了大量的新支出，这可能会使今年的赤字增加一倍以上，达到约783亿加元。

The S&P/TSX Composite rose 1.1% to close at 30,104 on Wednesday, following a sharp selloff in the previous session as gains among commodity producers offset a broader risk-off tone. Energy led the advance, with Suncor surging 4.5% after stronger-than-expected third-quarter results and a dividend boost, while Canadian Natural, Imperial Oil and Cenovus also advanced. Major miners Agnico Eagle, Wheaton Precious Metals and Barrick Gold climbed from about 2.5% to 3.7% each on a rebound in bullion prices. Tech outperformed as well, with CGI up 5% and Celestica up 5.1% on stronger-than-expected results. On the macro front, Canada’s Composite PMI rose to 50.3 in October from 46.3 in September, marking the first private sector expansion since November 2024, while Prime Minister Mark Carney’s first budget outlined heavy new spending that could more than double this year’s deficit to roughly C$78.3 billion.

加元兑美元汇率跌至1.41加元，接近七个月低点，因美元走强加上贸易不确定性和经济增长疲软导致的赤字飙升。加拿大央行将政策利率下调至2.25%后，美元走强削弱了加元的利差。中国央行的宽松政策削减了国内名义收益率，尽管官员们表示周期可能已经结束，使市场专注于放缓经济活动，而不是进一步放松政策。渥太华的新预算将使今年的赤字增加一倍以上，达到约783亿加元，这是一项重大的财政宽松政策，市场必须在经济增长放缓的同时进行定价。与此同时，石油几乎无法抵消这一影响，因为油价已经降至每桶60年代中期以下，这削弱了加拿大的贸易条件，削减了原本支持加元的出口收入。与美国重新出现的贸易紧张局势使政策和增长风险居高不下。

The Canadian dollar slipped toward C$1.41 per US dollar, a near seven-month low, as a stronger US dollar compounded with trade uncertainties and a soaring deficit amid weaker economic growth. A firmer US dollar eroded the carry case for the loonie after the Bank of Canada cut its policy rate to 2.25%. The BoC’s easing trimmed domestic nominal yields even as officials signalled the cycle may be over, leaving markets focused on slowing activity rather than further policy loosening. Ottawa’s new budget would more than double the deficit to roughly C$78.3 billion this year, a material fiscal loosening that markets must price alongside subdued growth. Meanwhile, Oil offers little offset because prices have cooled in the low to mid sixties per barrel, which weakens Canada’s terms of trade and trims export revenue that would otherwise support the currency. Renewed trade tensions with the United States have kept policy and growth risks elevated.