本文发表在 rolia.net 枫下论坛Summary: The BoC lowered rates by 75bps, to bring the overnight lending rate to 1.50% (a fifty-year low), a larger cut than most economists expected (though the market bias was skewed towards a 75bp move). The Bank views the global recession to be more broad and deep than initially anticipated, the impact of which will continue to have negative effects on Canadian exports and domestic demand via weak commodity prices and significant reductions in the country’s terms of trade. The Bank noted that the strains in global financial markets remain severe and that it will take some time for normalization. Although the economy has evolved as previously predicted during the past two quarters, the country is now entering a recession. On the positive side, a weaker Canadian dollar is expected to help to bolster exports, and the Bank views credit conditions as responding to the “significant and ongoing efforts to provide liquidity to the Canadian financial system.” On the whole, the statement shows that the larger than expected cut reflects the Bank’s proactivity in addressing a much weakened outlook for inflation and growth in Canada (the Bank points to a lower core inflation profile than was projected in October), and is onside with similar significant moves undertaken by other major central banks in recent weeks. Unlike in the last statement, there was no strong telegraphing of the immediacy of further rate cuts, but given the momentum of negativity in Canadian economic indicators (note last week’s horrible employment report), continued easing is more likely than not. USDCAD strengthened into the decision and then popped roughly 50 points higher in its wake as the market digested both the relatively aggressive move and the downbeat tone of the statement. (SC FX)更多精彩文章及讨论，请光临枫下论坛 rolia.net