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CAD Assets Look Through Macklem’s House Statement After Recent Sizeable Changes

CANADA
  • Not much new from Governor Macklem in his opening statement to the House finance committee sees little reaction in CAD assets.
  • 2Y GoC yields are holding -3bps lower on the day, at 4.136% a small move after being dragged higher in the US-led fixed income sell-off having been ~3.65% before US payrolls two weeks ago. USDCAD holds an earlier increase close to highs since mid-Jan, currently at 1.347 on broader USD strength.
  • Most of 'the risks ahead' summary are almost verbatim to the opening statement from Jan 25, along with section on the labour market ("A broad range of labour market indicators have shown only modest signs of easing").
  • The lack of more hawkish language after another strong labour report is perhaps not surprising talking to the House committee having already seen political backlash from the extent of hikes to date, plus also the above tightening in financial conditions doing a lot of the lifting for the Bank.
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