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Canada: 28bps Priced For March

STIR
  • OIS now has 28bps priced for the March 3 meeting, from a little under 25bps this morning.
  • Further out, BAX futures yields have continued to climb, led by Dec’22 and 1H23 contracts up 9-10bps on the day and almost touching highs from the week before.
  • This sees the Dec’22 with 5.3 x 25bp increases in the 3M bankers acceptances rate, whilst Mar’23 has 6x25bps almost fully priced.
  • No local data scheduled tomorrow, with impact instead possibly on spillovers from the US ECI for Q4 and the PCE deflator for Dec. Next BoC speak from Dep Gov Gravelle on Wed.
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