尽管关税对经济构成威胁，加拿大银行仍维持利率不变。该行的展望承认，“随着关税公告和不确定性拉低消费者和商业信心，经济正在放缓。消费、住宅投资和商业支出在第一季度似乎都有所减弱。

Bank of Canada Holds Rates Even as Tariffs Threaten the Economy.The bank's outlook recognized that the “economy is slowing as tariff announcements and uncertainty pull down consumer and business confidence. Consumption, residential investment and business spending all look to have weakened in the first quarter.

由于投资者消化了加拿大央行最近的政策决定，加上贸易不确定性加剧导致美元疲软，加元兑美元汇率超过1.39美元，接近4月11日创下的五个月高点1.387美元。加拿大央行将基准利率维持在2.75%，这是在七次会议累计降息2.25个百分点后首次暂停，理由是美国关税前景不明朗，这可能会在通胀接近2%的情况下支持稳定增长，或者如果关税加剧，引发衰退和更高的通胀。这种谨慎的立场巩固了人们对加拿大稳定货币框架的预期，提振了加元，而美元在关键矿产潜在新关税的重压下步履蹒跚，给美国的增长前景增添了更多的不确定性。

The Canadian dollar strengthened past $1.39, close to its five-month high of $1.387 recorded on April 11th, as investors digested the Bank of Canada's recent policy decision, combined with a weakening U.S. dollar driven by escalating trade uncertainties. The Bank of Canada maintained its benchmark rate at 2.75%, its first pause after cumulative cuts of 2.25 percentage points over seven meetings, citing an unclear U.S. tariff outlook that could either support steady growth with inflation near 2% or, if tariffs intensify, trigger a recession and higher inflation. This cautious stance has cemented expectations of a stable monetary framework for Canada, bolstering the CAD, while the US dollar falters under the weight of potential new tariffs on critical minerals add further uncertainty to the U.S. growth outlook.

标准普尔/多伦多证交所综合指数周三上涨约0.2%，至24100点以上，受黄金和油价飙升以及投资者消化加拿大银行最新货币政策决定的推动，大宗商品生产商上涨。领涨的是主要矿业股——Agnico Eagle、Wheaton Precious Metals、Barrick Gold和Franco Nevada——在金价创纪录上涨的情况下，均上涨了0.8%至3%。加拿大天然气公司、森科尔公司、帝国石油公司和Cenovus等能源生产商也录得0.8%至2%的涨幅。与此同时，中国银行将基准利率维持在2.75%不变，这是连续七次会议累计降息2.25个百分点后的首次保持。管理委员会强调，美国关税潜在规模的不确定性日益增加，可能会抑制增长前景，提高通胀预期，从而证明对进一步货币宽松持谨慎立场是合理的。

The S&P/TSX Composite Index climbed approximately 0.2% to above the 24,100 mark on Wednesday, bolstered by gains among commodity producers as gold and oil prices surged, while investors digested the latest Bank of Canada monetary policy decision. Leading the advance were major mining stocks—Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada—all posting increases between 0.8% and 3% amid a record-setting rise in gold prices. Energy producers such as Canadian Natural, Suncor, Imperial Oil, and Cenovus also registered gains ranging from 0.8% to 2%. Meanwhile, the BoC left the benchmark rate unchanged at 2.75%—the first hold following cumulative cuts totaling 2.25 percentage points across seven consecutive meetings. The governing council emphasized that mounting uncertainty over the potential scale of U.S. tariffs could dampen growth prospects and elevate inflation expectations, thus justifying a cautious stance on further monetary easing.

加拿大央行在2025年4月的决定中将基准利率维持在2.75%不变，正如一半市场所预期的那样，这是继连续七次降息2.25个百分点后的首次保持。管理委员会指出，关税幅度的不可预测性给经济增长带来了下行风险，并提高了通胀预期，因此需要对货币宽松政策的持续持谨慎态度。更高的不确定性源于美国没有明确的关税路径，促使中国银行管理委员会在其最新的货币政策报告中提出了两种经济情景。如果美国限制对加拿大的关税范围，中国银行预计经济增长将暂时减弱，通胀将保持在2%的目标附近。如果美国继续与加拿大和中国进行全面贸易战，中国银行今年将陷入衰退，通货膨胀率约为3%。

The Bank of Canada held its benchmark interest rate unchanged at 2.75% in its April 2025 decision, as expected by half of the market, to mark the first hold following 2.25 percentage points of cuts in seven consecutive decisions. The governing council noted that the unpredictability on the magnitude of tariffs placed downside risks on growth and lifted inflation expectations, warranting caution regarding the continuation of monetary easing. The higher uncertainty stemmed from no clear tariff path by the United States prompted the BoC Governing Council to present two economic scenarios in its latest Monetary Policy Report. Should the US limit the scope of its tariffs on Canada, the BoC expects growth to temporarily weaken and inflation to hold near the 2% target. Should the US proceed with an all-out trade war with Canada and China, the BoC penned a recession this year and inflation around 3%.