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BAX Futures Yields Fall Back Modestly

CANADA
  • BAX futures are led higher by the white pack today, in contrast to Eurodollars led by reds and then from blues onwards.
  • BAZ2 is 4.5 ticks higher as implied yields moderate further. The curve remains firmly higher from a week ago though, with implied yields peaking at 3.365% in the U3.
  • Eurodollars continue to see an earlier peak with 3.165% in M3 before a more aggressive inversion thereafter.
  • There was little impact from largely in-line data earlier. Ahead, Canadian GDP for January plus US PCE inflation and personal incomes tomorrow before NFP on Friday.

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