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BoC Minutes At Bottom Of The Hour

CANADA
  • The BoC minutes are released at 1330ET, although are likely light on surprises having heard from Gov Macklem the day after the Sep 6 decision with the economic progress report and then Dep Gov Kozicki yesterday.
  • USDCAD at 1.3409 sits near session lows of 1.3396 and a little off yesterday’s post-CPI low of 1.3381. CAD underperforms high beta peers today after recent outperformance.
  • GoC underperformance to Tsys has continued to extend today, with yields 1.5-3.5bp lower vs 3.5-6bp lower for Tsys. The 2Y Can-US yield differential has narrowed 3bp to -15bps, having closed last week at -31bps.

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