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Canada BAX Holding At Or Near New Lows

STIR
  • BAX futures are holding at or near new lows established post-payrolls.
  • H2 is largely pinned by March hike expectations, up half a tick, but later whites plus reds and greens are down 3-3.5 ticks on the day.
  • It is more strongly pricing in 6 hikes through 2022, before levelling off with ~40bps of hikes through 2023 and then flattening thereafter.
  • BoC’s Macklem speaks tomorrow on “The role of productivity in fostering non-inflationary growth”.

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