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CAD Rates Don’t Buy The Need For Further Hikes

CANADA
  • The limited reaction in CAD markets meant that despite Governing Council remaining “prepared to raise the policy rate further if needed”, the market still doesn’t believe this will be necessary.
  • The first rate cut is still seen landing with the April decision, and with more than 50/50 odds it comes a meeting earlier in March.
  • 3M CORRA implied yields have dropped 1.5/2bps for 1H24 and 2/2.5bps for 2H24, with 120bp of 2024 cuts on a Z3/Z4 basis.

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