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BAX Inversion Surpasses Eurodollars

CANADA
  • BAX implied yields see little change over immediate contracts (+0.05bps out to Dec’22) but slide as much as -8.5bps in the late red pack covering 1H24.
  • The combination sees a new high for inversion through 2023 with BAZ2/BAZ3 falling to -0.805 vs -0.720 for the Eurodollars equivalent.
  • The S&P Global mfg PMI hits next at 0930ET with focus on both growth implications and price components after notable cooling in the latter in both the US PMI and ISM surveys.

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