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BA Yields Spike On Macklem, USDCAD Looks Through

CANADA
  • 2Y GoC yields jump 5.5bps on hawkish Macklem comments to highs since 2007.
  • Similarly, front BA yields rise 10bps, pushing yields through prior highs for the terminal rate.
  • Little impact in USDCAD though which quickly reverses an initial ~25pip spike lower, back just off session highs.

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