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Can-US Yield Differential Nears Pre-BoC Levels

  • GoC outperformance to Treasuries has continued to widen through the session, most notably at the front end with the 2YY -0.2bp vs +4.2bp for Tsys.
  • It sees a Can-US yield differential of -54bp getting back close to levels prior to the BoC hiking 50bp on Dec 7 having on Thursday touched a high of -45bps.
  • Macklem speaks late on with remarks published 1525ET but impact potentially limited by recent push to greater data dependency and US CPI and the FOMC incoming.

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