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0.01%\uff09\u3002\n\n\u5728\u7dca\u5f35\u5c40\u52e2\u672a\u89e3\u4e0b\uff0c\u7f8e\u5143\u514c\u52a0\u5e63\u504f\u5f37\u53ef\u80fd\u5ef6\u7e8c\u3002\u4f7f\u7528\u884d\u751f\u54c1\uff08derivatives\uff0c\u4ee5\u6a19\u7684\u8cc7\u7522\u5982\u532f\u7387\u3001\u5229\u7387\u3001\u5546\u54c1\u70ba\u57fa\u790e\u7684\u5408\u7d04\uff09\u7684\u4eba\u53ef\u8003\u616e\u8cb7\u5165 USD\/CAD \u770b\u6f32\u671f\u6b0a\uff08call options\uff0c\u770b\u6f32\u9078\u64c7\u6b0a\uff1b\u652f\u4ed8\u6b0a\u5229\u91d1\u5f8c\uff0c\u53d6\u5f97\u5728\u5230\u671f\u524d\/\u5230\u671f\u65e5\u4ee5\u7279\u5b9a\u50f9\u683c\u8cb7\u5165\u7684\u6b0a\u5229\uff09\u4e14\u5c65\u7d04\u50f9\uff08strike price\uff0c\u53ef\u884c\u4f7f\u8cb7\u5165\/\u8ce3\u51fa\u7684\u56fa\u5b9a\u50f9\u683c\uff09\u9ad8\u65bc 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\u7f8e\u5143\u5340\u9593\u3002\u96d6\u7136\u6cb9\u50f9\u4e0a\u6f32\u901a\u5e38\u6709\u5229\u52a0\u5e63\uff08\u52a0\u62ff\u5927\u662f\u7522\u6cb9\u570b\uff09\uff0c\u4f46\u5e02\u5834\u64d4\u5fc3\u5168\u7403\u9700\u6c42\u4e0b\u6ed1\uff08global demand destruction\uff0c\u6307\u9ad8\u6cb9\u50f9\/\u885d\u64ca\u4f7f\u9700\u6c42\u660e\u986f\u6e1b\u5c11\uff09\u9650\u5236\u4e86\u52a0\u5e63\u53d7\u76ca\u5e45\u5ea6\u3002\u53ef\u7559\u610f\u539f\u6cb9\u671f\u6b0a\uff08options on oil futures\uff0c\u5c0d\u539f\u6cb9\u671f\u8ca8\u7684\u671f\u6b0a\uff09\uff0c\u5e02\u5834\u62bc\u6ce8\u589e\u52a0\uff0c\u8a8d\u70ba\u82e5\u8377\u83ab\u8332\u6d77\u5cfd\u53d7\u5a01\u8105\uff0c\u50f9\u683c\u53ef\u80fd\u6e2c\u8a66 110 \u7f8e\u5143\u3002\n\n<h3>\u5229\u7387\u6ce2\u52d5\u8207\u7b56\u7565\u5e03\u5c40<\/h3>\n\u6cb9\u50f9\u63a8\u5347\u901a\u81a8\uff0c\u4f7f Fed \u66f4\u96e3\u6c7a\u7b56\uff0c\u5c24\u5176\u53bb\u5e74\u5e95\u7f8e\u570b\u6838\u5fc3 CPI\uff08core CPI\uff0c\u6263\u9664\u6ce2\u52d5\u8f03\u5927\u7684\u98df\u54c1\u8207\u80fd\u6e90\u5f8c\u7684\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578\uff09\u4ecd\u96e3\u964d\u5230 3.1% \u4ee5\u4e0b\u3002\u96d6\u7136\u5e02\u5834\u4f30\u7d04 60% \u6a5f\u7387\u5229\u7387\u7dad\u6301\u4e0d\u8b8a\uff0c\u4f46\u4ea4\u6613\u8005\u66f4\u5e38\u8cb7\u5165\u806f\u90a6\u57fa\u91d1\u671f\u8ca8\uff08Fed Funds futures\uff0c\u62bc\u6ce8\u7f8e\u570b\u653f\u7b56\u5229\u7387\u8d70\u52e2\u7684\u671f\u8ca8\uff09\uff0c\u82e5 10 \u6708\u524d\u51fa\u73fe\u9810\u9632\u6027\u5347\u606f\uff08precautionary rate hike\uff0c\u70ba\u9632\u901a\u81a8\/\u98a8\u96aa\u800c\u63d0\u524d\u5347\u606f\uff09\u4fbf\u53ef\u80fd\u7372\u5229\uff1b\u9019\u662f\u4e00\u7a2e\u5c0d\u6c96\uff08hedge\uff0c\u7528\u4f86\u964d\u4f4e\u53e6\u4e00\u98a8\u96aa\u66dd\u96aa\u7684\u5b89\u6392\uff09\uff0c\u4ee5\u9632 Fed \u66f4\u5f37\u786c\u5730\u5c0d\u6297\u901a\u81a8\u3002\n\nBoC \u8655\u5883\u66f4\u68d8\u624b\uff0c\u56e0\u70ba\u52a0\u62ff\u5927 2025 \u5e74\u7b2c 4 \u5b63\u570b\u5167\u6210\u9577\u50c5 1.2%\uff0c\u660e\u986f\u4f4e\u65bc\u7f8e\u570b\u7684 2.9%\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u5e02\u5834\u5b9a\u50f9 75 \u500b\u57fa\u9ede\u7684\u5347\u606f\u504f\u6fc0\u9032\uff0c\u4ee3\u8868\u53ef\u8003\u616e\u62bc\u6ce8 BoC \u4e0d\u6703\u90a3\u9ebc\u5f37\u786c\u3002\u6211\u5011\u53ef\u7528\u52a0\u62ff\u5927\u50b5\u5238\u671f\u8ca8\u7684\u884d\u751f\u54c1\uff08derivatives on Canadian bond futures\uff0c\u4ee5\u52a0\u62ff\u5927\u516c\u50b5\u671f\u8ca8\u70ba\u6a19\u7684\u7684\u5de5\u5177\uff09\uff0c\u5e03\u5c40 BoC \u53ef\u80fd\u7121\u6cd5\u8ddf\u4e0a Fed \u6f5b\u5728\u7684\u7dca\u7e2e\u5faa\u74b0\uff08tightening cycle\uff0c\u5347\u606f\/\u7e2e\u8868\u7b49\u6536\u7dca\u91d1\u878d\u689d\u4ef6\u7684\u968e\u6bb5\uff09\u3002\n\n\u7f8e\u570b\u7d93\u6fdf\u76f8\u5c0d\u66f4\u5f37\uff0c\u52a0\u4e0a\u7f8e\u5143\u53d7\u907f\u96aa\u8cc7\u91d1\u6d41\u5165\u652f\u6490\uff0cUSD\/CAD 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