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BAX Futures Holding To Narrow Range Ahead Of FOMC Minutes

CANADA
  • BAX futures are holding to a narrow range so far today as they grind up to 3.5 ticks higher after yesterday’s double digit surge.
  • The result is the lowest implied yields since Apr 19 for the Dec’22 and Apr 14 for the Dec’23 (i.e shortly after the BoC on Apr13, leaving the curve with a still aggressive rate path through 2022 before a crudely implied terminal overnight rate above 2.75% in 1H2023.
  • Little in the way of known potential triggers between now and the FOMC minutes at 1400ET.

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  • BAX futures are holding to a narrow range so far today as they grind up to 3.5 ticks higher after yesterday’s double digit surge.
  • The result is the lowest implied yields since Apr 19 for the Dec’22 and Apr 14 for the Dec’23 (i.e shortly after the BoC on Apr13, leaving the curve with a still aggressive rate path through 2022 before a crudely implied terminal overnight rate above 2.75% in 1H2023.
  • Little in the way of known potential triggers between now and the FOMC minutes at 1400ET.