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BoC Sparks Global FI Rally

BONDS
  • Treasury, Bund and Gilt futures hit session highs as the Bank of Canada surprises with a 50bp hike vs the 75bp widely expected.
  • Fed end-2022 hike pricing slips 4bp after the Bank of Canada decision - now seeing a cumulative 133bp in the next 2 meetings (nearly fully retracing the mid-month post-CPI jump, which neared 150bp).

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