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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- GoCs sit 3-3.5bp higher to modestly underperform Treasuries, more so at the front-end, ahead of CAD CPI.
- It sees the Can-US yield differential increase a little further off Monday’s lows, but they’re still historically depressed at -68.5bps for 2s and -87bps for 10s.
- BoC-dated OIS holds with 13-14bps of cuts priced for the next meeting in June. Last week’s strength in US CPI has played a large role in cutting this from ~20bps, and we suspect even an in-line core print would see a renewed rise in cut expectations (ruling out a risk of following US inflation hotter).
- Upside surprises should certainly not be ruled out though after two softer than expected months. That’s especially for softer traditional core measures and in particular CPIX which slowed to 0.0% annualized over the latest three months.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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