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Bear Flattening With Eyes On FOMC

CANADA
  • FI: GoCs are on track for a bear flattening today, with 2Y yields still up 3.5bps (level pegging with Tsys after a recent sell-off in the latter) as longer-end yields rise only slightly compared to the small rally in USTs.
  • This is supported by a re-pricing in of rate hikes in the BAX path, up 5-5.5bps in the white pack and front reds with all the move coming prior to BoC’s Rogers, who stuck to previous commentary.
  • FX: USDCAD uncovers some of the earlier fall, -0.15% at 1.286, as CAD continues to lag AUD and NOK on the day in what’s been a fairly directionless session.
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