标准普尔/多伦多证券交易所综合指数周四下跌1.2%，收于21698点，创下八周新低，因为投资者消化了美联储的鹰派利率决定，这标志着今年只降息一次。因此，对信贷敏感、与商品挂钩的股票和金融部门大幅下跌。随着能源需求前景的恶化，油价仍然低迷，Cenovus、Canadian Natural和Suncor等主要能源股下跌3.8%，成为当天表现最差的股票之一，导致能源板块平均下跌3.1%。同样，该指数的最大组成部分面临着来自拖欠风险的新压力，导致道明银行和加拿大皇家银行分别下跌1.6%和1%。与此同时，在周三的蒙特利尔会议上，中国央行行长蒂夫·麦克勒姆表示，尽管央行偏离美联储降息的能力有限，但尚未达到这一极限。

The S&P/TSX Composite Index dropped 1.2% to close at 21,698 on Thursday, marking an eight-week low as investors digested the hawkish rate decision from the US Fed, which signaled only a single rate reduction this year. Consequently, credit-sensitive, commodity-linked stocks and the financial sector posted sharp losses. With a souring demand outlook for energy, oil prices remained subdued, dragging major energy stocks like Cenovus down 3.8%, Canadian Natural down 3.4%, and Suncor down 2.9%, making them among the day’s worst performers and resulting in an average decline of 3.1% in the energy sector. Similarly, the largest components of the index faced renewed pressure from delinquency risks, causing TD Bank and RBC to shed 1.6% and 1%, respectively. Meanwhile, at a Montreal conference on Wednesday, BoC Governor Tiff Macklem indicated that while the central bank's ability to diverge from the Fed's rate cuts is limited, they have not yet reached that limit.

加拿大10年期政府债券收益率降至3.7%以下，创下三个月来的新低，追随美国国债收益率的下降，通胀有进一步缓解的迹象。5月份美国工厂出厂价格环比下降0.2%，与0.1%的涨幅预期相反，5月份美国年通胀率意外放缓至3.3%，引发了美联储今年多次降息的新猜测。在国内，如预算文件所述，加拿大计划将其年度支出增加四分之一以上，到2028-29年达到6087亿加元。这包括超过570亿加元的新支出，这一举措受到了经济学家的批评，他们担心政府债务水平和相关服务成本的上升，这导致了在风险溢价和通胀担忧增加的情况下收益率的有限下降。

The yield on the Canadian 10-year government bond declined to below 3.7%, marking a three-month low, tracking lower US Treasury yields amid further signs of easing inflation. May's US factory gate prices dropped by 0.2% month-over-month, contrary to expectations of a 0.1% increase, and annual US inflation unexpectedly slowed to 3.3% in May, sparking renewed speculation of multiple rate cuts by the US Fed this year. Domestically, Canada plans to increase its annual spending by more than a quarter, reaching C$608.7 billion by 2028-29, as outlined in the budget document. This includes over C$57 billion in new expenditures, a move criticized by economists concerned about rising government debt levels and associated servicing costs, which contributed to a limited decline in yields amid increased risk premiums and inflation concerns.

加元兑美元走软超过1.375，接近6月7日观察到的五周低点1.376，原因是对国内支出和债务的担忧，而鹰派的美联储增加了下行压力。根据预算文件，政府计划将年度支出增加四分之一以上，到2028-29年达到6087亿加元，其中包括570多亿加元的新支出。这引发了人们对政府债务水平不断上升、相关服务成本和通货膨胀风险的担忧。此外，中国央行行长Tiff Macklem最近表示，虽然央行在降息方面与美联储的分歧是有限度的，但它们还没有接近这个限度，这意味着中国央行可能会进一步降息，这可能会进一步给疯子带来压力。与此同时，美联储将基金利率维持在5.25%-5.5%，上调了通胀预测，并预计今年只降息一次，这提振了美元。

The Canadian dollar weakened beyond 1.375 per USD, nearing the five-week low of 1.376 observed on June 7th, amidst concerns over domestic spending and debt, while a hawkish US Fed added to the downward pressure. According to the budget document, the government plans to boost its annual spending by more than a quarter, reaching C$608.7 billion by 2028-29, including over C$57 billion in new expenditures. This has raised worries about escalating government debt levels, associated servicing costs, and inflation risks. Furthermore, BoC Governor Tiff Macklem recently suggested that while there is a limit to how much the central bank can diverge from the Fed on rate cuts, they are not nearing that limit yet, implying potential for further BoC rate cuts that could further weigh on the loonie. Meanwhile, the Federal Reserve maintained the funds rate at 5.25%-5.5%, revised inflation forecasts upwards, and projected only one rate cut this year, which bolstered the greenback.

标普/多伦多证券交易所综合指数周四下跌0.5%，至21850点以下，因投资者消化了美联储的鹰派利率决定，这标志着今年只降息一次。因此，对信贷敏感的与商品挂钩的股票和金融部门失去了优势。随着能源需求前景的恶化，油价仍然低迷，拖累加拿大天然气、森科尔和Cenovus等主要能源股下跌超过2%。同样，该指数的最大组成部分面临着来自拖欠风险的新压力，导致道明银行和BMO下跌0.8%，其次是加拿大皇家银行下跌0.6%。与此同时，周三在蒙特利尔举行的一次会议上，英国央行行长蒂夫·麦克勒姆表示，虽然央行在降息方面与美联储的分歧是有限度的，但他们还没有接近这个限度。这表明有进一步降息的空间，在一定程度上缓解了围绕风险资产的整体悲观情绪。

The S&P/TSX Composite Index fell 0.5% to below the 21,850 level on Thursday, as investors digested the hawkish rate decision from the US Fed, which signaled only a single rate reduction this year. Consequently, credit-sensitive commodity-linked stocks and the financial sector lost ground. With a souring demand outlook for energy, oil prices remained subdued, dragging major energy stocks like Canadian Natural, Suncor, and Cenovus down over 2%. Similarly, the largest components of the index faced renewed pressure from delinquency risks, resulting in TD Bank and BMO losing 0.8%, followed by RBC shedding 0.6%. Meanwhile, during a conference in Montreal on Wednesday, BoC Governor Tiff Macklem stated that while there is a limit to how much the central bank can diverge from the Fed in terms of rate cuts, they are not close to reaching that limit. This signaled that there is room for further rate cuts, somewhat mitigating the overall gloomy sentiment around risk assets.