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Canada: 2023 Steepens

STIR
  • The BAZ2-BAZ3 spread is up 3.5bps to 44bps, the highest on a close basis since the BoC/Fed last Wed brought forward further rate hike expectations into 2022.
  • BAX reds are down as much as -5 ticks whilst whites are limited to -0.5-1.5 ticks.
  • The move appears to have been driven by US data (high ISM prices paid and strong job openings) and less so earlier Canadian PMI price pressures easing but remaining elevated.
  • BOCspeak tomorrow with Gov. Macklem and Senior Dep Gov. Rogers at the parliamentary testimony starting 1500ET, with Dep Gov. Gravelle speaking earlier on benchmark reform at 1000ET.
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