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BoC Pricing Tilts A Bit Closer To 25bp Cut On Fiscal Package

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets Bank of Canada Market News
  • BoC-dated OIS has shifted to 31bp of cuts priced for the Dec 11 decision from ~33bp after Tuesday’s CPI having started the week at ~36bp.
  • Input cost inflation was stronger than expected but the main driver was Trudeau’s stimulus package worth C$6.3bn (approx. 0.2% GDP) in a move to ward off an early election.
  • Can-US yield differentials are on track to close at highs since mid-to-late October, with both the 2Y and 10Y at -99bps. The 2Y is +5.5bp on the day.
  • Tomorrow sees Canadian retail sales in focus for the final Sept release/advance October release, as a warm-up for next Friday’s GDP data.
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  • BoC-dated OIS has shifted to 31bp of cuts priced for the Dec 11 decision from ~33bp after Tuesday’s CPI having started the week at ~36bp.
  • Input cost inflation was stronger than expected but the main driver was Trudeau’s stimulus package worth C$6.3bn (approx. 0.2% GDP) in a move to ward off an early election.
  • Can-US yield differentials are on track to close at highs since mid-to-late October, with both the 2Y and 10Y at -99bps. The 2Y is +5.5bp on the day.
  • Tomorrow sees Canadian retail sales in focus for the final Sept release/advance October release, as a warm-up for next Friday’s GDP data.