加拿大央行 下调至2.50%，警告贸易冲击仍是拖累。The 加拿大央行 在今天的会议上，该行将隔夜利率下调25个基点至2.50%，符合普遍预期。此举突显出，在加拿大经济面临增长放缓和通胀风险减弱之际，央行正努力提供额外支持。

BoC cuts to 2.50%, warns trade shocks still a drag.The BoC lowered its overnight rate by 25bps to 2.50% at today's meeting, in line with widespread expectations. The move underscores the central bank's effort to provide additional support as Canada's economy struggles with weaker growth and softer inflation risks.

尽管核心通胀率居高不下，但加元仍下跌，交易员关注中国银行和联邦公开市场委员会的决定。Loonie指数因通胀低于预期而下跌，但由于交易员在央行决策前调整头寸，该指数得到了后期支撑。

Canadian Dollar Slid Despite Sticky Core Inflation as Traders Eyed BOC and FOMC Decisions.The Loonie sank on softer-than-expected inflation, but found late support as traders squared positions before central bank decisions.

标准普尔/多伦多证交所综合指数周二下跌0.4%，收于29400点，因投资者在加拿大央行明天的政策决定之前消化了低于预期的通胀数据。加拿大8月份的年度CPI从7月份的1.7%上升至1.9%，低于2.0%的共识，连续第五个月低于中国银行2%的中点，而该行首选的潜在通胀指标——削减后的平均核心CPI从7月的3.1%降至8月的3.0%，与预测一致。市场仍预计中国央行将开始放松政策，但已减少了对2025年剩余时间降息幅度的押注。权重矿商是最大的落后者之一，Wheaton Precious Metals领跌2.4%，对利率敏感的科技股和金融股也表现强劲。与此同时，第三个交易日油价上涨在一定程度上抵消了能源生产商的影响。

The S&P/TSX Composite slipped 0.4% to close at 29,400 on Tuesday as investors digested softer-than-expected inflation data ahead of the Bank of Canada’s policy decision tomorrow. Canada’s annual CPI rose to 1.9% in August from 1.7% in July—below the 2.0% consensus and marking the fifth consecutive month beneath the BoC’s 2% midpoint—while the trimmed-mean core CPI, the Bank’s preferred gauge of underlying inflation, eased to 3.0% in August from 3.1% in July, in line with forecasts. Markets still expect the BoC to begin easing but have trimmed bets on the extent of rate cuts through the remainder of 2025. Heavyweight miners were among the biggest laggards, led by Wheaton Precious Metals down 2.4%, and rate-sensitive tech and financials also traded firmly in the red. Meanwhile, rising oil prices for a third session provided some offset from energy producers.

加拿大10年期政府债券的收益率在9月份跌至3.3%以下，为四个月来的最低水平，因为市场越来越多地考虑到北美主要央行今年的多次降息。尽管加拿大央行仍对持续的价格压力保持警惕，但整体通胀疲软和增长放缓的迹象改变了人们对加拿大央行将尽早开始宽松政策的预期。加拿大8月CPI同比上涨1.9%，使整体通胀率低于中国银行2%的中点，而月度CPI印刷和需求降温降低了长期收益率中的通胀风险溢价。核心指标保持坚挺，但趋于平稳，这降低了投资者对久期风险的期限溢价需求。与此同时，随着市场在美联储政策会议之前重新评估其路径，美国国债收益率已接近五个月低点，而全球长期收益率的下降有助于拉低加拿大利率。

The yield on the Canadian 10-year government bond fell below 3.3% in September, its lowest in four months, as markets increasingly priced multiple rate cuts this year from major North American central banks. Softer headline inflation and signs of moderating growth have shifted expectations that the Bank of Canada will begin easing sooner rather than later, even as it remains vigilant against persistent price pressures. Canada’s August CPI rose 1.9% year-on-year, keeping headline inflation below the BoC’s 2% midpoint, while monthly CPI prints and cooling demand have pared the inflation risk premium embedded in long-dated yields. Core measures remain firmer but are flattening, which lowers the term premium investors demand for duration risk. At the same time, US Treasury yields have traded near five-month lows as markets reassess the Federal Reserve’s path ahead of its policy meeting, and that global decline in long yields has helped pull Canadian rates down.