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BA Futures Pause For Breath Ahead of BoC

CANADA
  • BA yields continue to resist the rally in US rates today, with declines limited to -1bp for the BAZ2 and BAZ3 alike, only extending further out into 2024. The continues to imply a terminal policy between 4.25-4.5%.
  • The small moves on the day come ahead of the BoC tomorrow, with OIS pricing ~70bps and analyst consensus tilting in favour of 75bps (16 of 28) as responses are updated with potential for a slight tilt further.

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