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BAX Futures Chipping Away At Thursday’s US CPI Rally

CANADA
  • BA yields sit up to +8.5bp for the June’23 but make little relatively little inroads after the 23bp slide with US CPI.
  • Yields roughly imply an overnight policy rate peaking near 4.25% into Q1, with 60bps inversion to end-2023.
  • A light docket and Fed terminal pricing only trimming 1bp on Brainard comments has seen little change through much of the session, but that could change with US PPI & Empire survey plus Canadian mfg & wholesale sales and existing home sales tomorrow.

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