9月，加拿大央行将政策利率下调25个基点至2.5%，标志着持续的宽松政策，加元兑美元汇率跌破1.375。此举反映出经济活动比早些时候预期的更为严重的放缓，包括第二季度GDP收缩1.6%和出口暴跌27%。劳动力市场的恶化加强了宽松政策的必要性，8月份净失业率和失业率上升至7.1%，这减轻了工资压力，消除了通胀叙事的紧迫性。消费和住房仍然相对有弹性，但管理委员会警告称，贸易壁垒和人口增长放缓将逐渐对私人支出和劳动力市场造成压力。由于整体通胀率约为1.9%，市场认为在不危及2%目标的情况下，有放松政策的空间。

The Canadian dollar weakened past 1.375 per US dollar in September after the Bank of Canada cut its policy rate by 25 basis points to 2.5% and signalled a durable easing campaign. The move reflected a sharper slowdown in activity than earlier anticipated, including a 1.6% contraction in second quarter GDP and a 27% collapse in exports. Labour market deterioration reinforced the case for easier policy, with net job losses and unemployment rising to 7.1% in August, which reduced wage pressures and removed urgency from the inflation narrative. Consumption and housing remain relatively resilient, but the Governing Council warned that trade barriers and slowing population growth will gradually weigh on private spending and the labour market. With headline inflation at about 1.9% markets judged that there was room to loosen policy without jeopardising the 2% target.