来源：兴业研究 加拿大，货币政策 作为典型的小型开放经济体，加拿大的货币政策深受外部金融条件与贸易周期影响，以美国为代表的核心经 济体政策取向对其汇率与金融环境具有显著外溢效应。历史经验显示，加美两国政策利率长期高度同步，但 在特定阶段受经济周期错位与汇率影响而出现分化。 本文系统回顾1990年代以来加美货币政策周期的协调与分化特征，分析其主要驱动因素，并对当前阶段及未 来一年政策协调性进行研判。我们认为，BoC前期已实施额外宽松，政策利率已接近名义中性区间下沿，主动 宽松空间十分有限。预计未来一年BoC将主要跟随美联储降息，整体降息幅度或略低于美联储。 引言 加拿大通常被视为典型的小型开放经济体，经济对外部金融条件与贸易周期的敏感度很高，以美国为代表的 全球核心经济体的政策取向对其汇率及金融环境具有显著外溢效应。正如BoC前行长大卫·道奇所言，每一次 货币政策决策都因汇率变化的持续性，以及汇率与货币政策对经济产生影响所需时间的不确定性而变得复 杂。也正因如此，加拿大与美国的货币政策有时步调一致，有时出现分化。 历史经验表明，加美两国的政策利率呈现"长期高度同步，短期阶段性分化"的特征。分化的驱动因素可分为 ...

Group 1: Federal Reserve Actions - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 4.0-4.25%, in line with market expectations, marking the first rate cut in 9 months[2] - The dot plot indicates a total of 3 rate cuts expected by the end of the year, with a slight upward adjustment in economic forecasts[2] - Powell described the rate cut as a "risk-mitigating" measure, suggesting a neutral overall tone from the Fed[1] Group 2: Market Reactions - Following the Fed's announcement, major asset prices exhibited a V-shaped reversal, with the S&P 500 and Nasdaq indices declining by 0.1% and 0.3% respectively, while the Dow Jones increased by 0.6%[4] - The 10-year U.S. Treasury yield rose by 6.1 basis points to 4.09%, and the dollar index increased by 0.4% to 97.0[4] - Market expectations for further rate cuts remained largely unchanged, with an approximately 80% probability for cuts in October and December[4] Group 3: Economic Forecasts - The Fed's GDP growth forecasts for 2025-2027 were slightly upgraded, with 2025's GDP growth now projected at 1.6% compared to the previous 1.4%[3] - Unemployment rate predictions for 2026 and 2027 were slightly lowered, while inflation forecasts for 2026 were adjusted upward[3] - There is a noted discrepancy between the Fed's emphasis on employment risks and its optimistic economic forecasts, which is unusual[3] Group 4: Implications for Domestic Policy - The Fed's rate cut opens up space for further monetary easing in China, with an increased likelihood of domestic rate cuts in Q4[8] - The synchronization of monetary policy cycles between the U.S. and China may alleviate exchange rate pressures on China's monetary easing[9] - The pace and extent of future rate cuts in China will depend on domestic economic performance indicators[9]

Core Viewpoint - The European Central Bank (ECB) is approaching a pivotal moment in its monetary policy, potentially pausing interest rate cuts by July 2025 and possibly ending the easing cycle altogether after September, which will significantly impact the Eurozone economy and global financial dynamics [1][3]. Group 1: Monetary Policy Changes - Since June 2024, the ECB has cut key interest rates eight times, with the last five cuts indicating a strong desire to stimulate economic growth and inflation recovery [3]. - Market expectations have cooled, with only a 5% probability of further rate cuts in the upcoming meeting, suggesting a shift towards maintaining the deposit rate at 1.75% [3]. - ECB President Christine Lagarde has indicated that the monetary policy cycle is nearing its end, with June inflation in the Eurozone aligning with the target at 2%, supporting the case for tightening [3][4]. Group 2: Internal Disagreements - Recent ECB meeting minutes reveal significant internal divisions, with most members supporting a 25 basis point cut, but some advocating for maintaining current rates due to concerns about over-stimulation [4]. - The concept of a "neutral rate" has resurfaced, with debates on whether rates have reached a neutral level or remain too accommodative [4]. Group 3: Economic Challenges - The Euro has appreciated by 14% against the dollar this year, complicating the Eurozone's export competitiveness and increasing pressure on manufacturing and export-oriented businesses [6]. - Despite a decrease in inflation, the Eurozone's economic growth remains weak, with consumer demand and business investment not fully recovering to pre-pandemic levels [6]. - Structural issues in the Eurozone economy, such as labor market challenges and supply chain bottlenecks, continue to hinder economic potential [6]. Group 4: Global Economic Context - The timing of the ECB's policy adjustments is closely linked to the global macroeconomic environment, with the need to assess the spillover effects of monetary policy amid tightening global liquidity [7]. - The effectiveness of the ECB's monetary policy will also depend on the internal political situation and the degree of fiscal policy coordination within the Eurozone [7]. Group 5: Future Outlook - The nearing end of the ECB's easing cycle reflects both improvements in economic fundamentals and a warning of narrowing policy space [9]. - Ongoing debates within the ECB will influence the direction of monetary policy, with the Eurozone's ability to sustain recovery post-rate stabilization reliant on external stability and internal structural reforms [9]. - The transition from quantitative easing to qualitative changes in policy will be crucial for global investors and policymakers to monitor, as the ECB's balance of rates, inflation, and growth will determine the Eurozone's economic fate [9].

Group 1: Euro to USD Exchange Rate - The Euro to USD exchange rate fluctuated, currently at 1.1525, with a decline of 0.17% [1] - The Euro reached a peak of 1.1631 in the second week of June, but fell approximately 100 points to close around 1.1540 [1] - Market sentiment is influenced by trade wars and geopolitical headlines, with US-China trade negotiations being a focal point [1] Group 2: European Central Bank (ECB) Policy Update - The ECB decided to lower three key interest rates by 25 basis points, marking the eighth rate cut since June 2024 [2] - ECB President Christine Lagarde indicated that the current monetary policy cycle may be nearing its end, suggesting a shift in strategy [2] - Following the rate cut, the deposit facility rate, main refinancing rate, and marginal lending rate are now at 2.00%, 2.15%, and 2.40% respectively [2] Group 3: Euro to USD Technical Analysis - Long-term technical indicators suggest that despite recent pullbacks, the Euro to USD pair is expected to rise [3] - The pair is trading above all bullish moving averages, with the 20 SMA providing support around 1.1380 [3] - Immediate support is at 1.1470, with potential testing of the 1.1300 level before any rebound, while resistance is noted at the 1.1630 area [3]

Core Viewpoint - The European Central Bank (ECB) is likely to end its interest rate cuts soon as inflation and economic conditions stabilize [1] Group 1: Economic Outlook - ECB Executive Board member Schnabel indicated that the current monetary policy cycle is nearing its end due to mid-term inflation stabilizing around the target [1] - Projected consumer price growth is expected to be 1.9% in 2026 and 2027, which aligns with the ECB's target range [1] Group 2: Policy Transmission - The ECB's policies have successfully led to a non-restrictive financing environment, contributing to overall stable growth prospects despite existing trade conflicts [1]

Core Viewpoint - The overall growth outlook remains stable despite trade conflicts, with the monetary policy cycle nearing its end [1] Economic Conditions - Medium-term inflation is stabilizing at target levels [1] - Financing conditions are no longer constrained [1] - Private consumption is supporting economic growth [1] Sector Performance - The manufacturing and construction sectors are experiencing a recovery [1] - Defense and infrastructure spending are offsetting the impact of tariffs [1] Labor Market - Wage growth is expected to slow further [1] Energy and Currency - Energy prices and the euro could fluctuate in either direction [1] - The global role of the euro is strong and may further strengthen [1]

Group 1 - The core viewpoint is that the monetary policy cycle is nearing its end, indicating a shift in the European Central Bank's approach to interest rates and financial conditions [1] Group 2 - Current financial conditions are no longer restrictive, suggesting a more accommodative environment for businesses and consumers [1]

Monetary Policy Insights - The European Central Bank (ECB) has lowered key interest rates by 25 basis points, bringing the deposit facility rate down to 2.0%, a reduction of 200 basis points from its peak[1] - The ECB has revised its HICP forecasts for 2025 and 2026 down by 0.3 percentage points to 2.0% and 1.6% respectively, while maintaining the 2027 forecast[1] - The ECB projects real GDP growth for the Eurozone at 0.9%, 1.1%, and 1.3% over the next three years[1] Economic Challenges - The Eurozone faces limited fiscal expansion capacity and slow effectiveness, which may exacerbate the impact of tariff frictions on its economy[2] - Exports to the U.S. accounted for only 17% of the Eurozone's total exports to non-EA20 countries, suggesting that the impact of U.S. tariffs may be manageable[2] - However, the export surplus to the U.S. has increased significantly, reaching 58.1% in March 2025, indicating a potential underestimation of tariff impacts[2] Trade Dynamics - The U.S. trade deficit narrowed significantly in April 2025, decreasing by $75 billion to $87 billion, which may indicate stronger trade pressures on Europe[3] - China's exports in April exceeded expectations, suggesting that Europe is experiencing greater trade shocks due to U.S. tariffs[3] Monetary Operations in China - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation to maintain liquidity, with a maturity of 91 days[4] - The PBOC's recent LPR cut has provided slight support to the real estate market, but new home sales in major cities have shown signs of decline[4] - A further rate cut of 10 basis points is anticipated in June to stimulate the economy amid potential export downturns[4]

Core Viewpoint - The European Central Bank (ECB) is indicating that the current monetary policy cycle is expected to continue until 2025, based on all available data [1] Group 1 - The ECB's governing council member, Centeno, emphasizes that all indicators point towards an extended monetary policy cycle [1]

Group 1 - The European Central Bank (ECB) is likely to pause interest rate cuts in July after eight consecutive reductions, primarily due to uncertainties surrounding Trump's tariff policies [1][2] - Some ECB officials believe the current rate-cutting cycle may be over, while others suggest waiting until September for another cut, with the outcome dependent on the trade negotiations deadline on July 9 [1][2] - ECB President Lagarde indicated that current inflation is close to the 2% target, with the eurozone's May inflation rate falling below 2% for the first time in eight months, leading to a belief that the task of controlling inflation is nearing completion [2] Group 2 - Trump's tariff policies are seen as a key variable affecting global confidence and economic growth prospects, creating uncertainty for the ECB's future actions [2] - Lagarde emphasized that the ECB's policy tools are ready to address uncertainties arising from global trade and increased European spending [2] - Following Lagarde's statements, market expectations for further ECB rate cuts this year have cooled, with traders no longer fully confident in another reduction [2]