加拿大央行 麦克勒姆州长：降息的共识是明确的。。加拿大央行行长Tiff Macklem回答了记者的提问，对央行的政策前景提供了见解。他的评论是在加拿大央行 将政策利率下调25个基点至2.50%，这是市场普遍预期的举措。

BoC Governor Macklem: Consensus to cut rates was clear..Bank of Canada Governor Tiff Macklem addressed reporters' questions, offering insights into the central bank's policy outlook. His remarks came after the BoC lowered its policy rate by 25 basis points to 2.50%, a move that markets had broadly anticipated.

加拿大10年期政府债券收益率降至约3.15%，此前加拿大央行将政策利率下调25个基点至2.5%，并标志着持续的宽松政策，市场重新定价了政策和长期通胀的预期路径。在国内，增长放缓加剧，第二季度GDP收缩约1.6%，出口暴跌约27%，这削弱了增长和贸易前景，使未来降息更有可能。与此同时，8月份整体通胀率降至1.9%，使中国银行有空间在不损害其目标的情况下放松政策，劳动力市场疲软减轻了短期工资压力。最后，美国国债收益率下降和全球长期利率普遍回落已经传导到加拿大国债，并压缩了期限溢价。

The yield on the Canadian 10-year government bond eased to about 3.15% as markets repriced the expected path for policy and long run inflation after the Bank of Canada cut its policy rate by the widely anticipated 25 basis points to 2.5% and signalled a durable easing campaign. Domestically a sharper growth slowdown has reinforced that repricing with second quarter GDP contracting roughly 1.6% and exports plunging about 27%, which weakened the growth and trade outlook and made future rate cuts more plausible. At the same time headline inflation eased to 1.9% in August, giving the BoC room to loosen policy without jeopardising its target, and labour market weakness has reduced near term wage pressure. Finally lower US Treasury yields and a general retreat in global long rates have transmitted to Canadian paper and compressed the term premium.

加拿大银行因劳动力市场疲软而降息。声明指出，“潜在通胀率约为2.5%”，取消对美国进口商品的报复性关税“将意味着这些商品未来的价格上涨压力较小”。一个值得注意的因素是，不含税的CPI再次被上调（同比2.5%）。

Bank of Canada Cuts Rates as Labour Market Softens .The statement noted that “underlying inflation is running around 2.5%” and that the removal of retaliatory tariffs on imports from the U.S. “will mean less upward pressure on the prices of these goods going forward”. One notable inclusion was CPI excluding taxes once again receiving a call out (2.5% year-on-year).

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.