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BAX Futures Treading Water

CANADA
  • The BAX curve is little changed on the day after US data failed to drive any meaningful reaction.
  • Ahead of next week’s BoC decision with almost unanimous analyst consensus for another 50bp hike (1 of 27 on Bloomberg looks for 25bps), the curve remains steep through immediate contracts but levels out quickly from 2023 onwards.
  • It leaves a very similar peak to following the April meeting, crudely implying an overnight rate a little north of 2.75%.


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