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CANADA: Coalition-Supporting Fiscal Package Helps Lift GoC Yields

CANADA
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  • Bloomberg reports that PM Trudeau has announced a C$6.3bn affordability package (worth circa 0.2% GDP) including a two-month GST relief on certain items before the holiday and one-time C$250 rebate to more than 18 million Canadians.
  • The total cost of the temporary GST removal is estimated at C$1.6bn.
  • Radio-Canada appears to have first reported on this at the equivalent of 2:48pm London time with an update 4:18pm.
  • The plan was agreed with the NDP after it pulled out of the power-sharing deal earlier this year. It should reduce the likelihood of an early election, with a federal election due by Oct 2025.
  • GoC yields are currently 2.5bp-5bp higher on the day, with increases led by 2s.
  • It helps the recent increase in Can-US yield differentials further away from multi-decade lows seen earlier this month. Both the 2Y and 10Y differentials are at -99bps (+5/4.5bp on the day), at what would be highest closes since mid-to-late Oct.
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  • Bloomberg reports that PM Trudeau has announced a C$6.3bn affordability package (worth circa 0.2% GDP) including a two-month GST relief on certain items before the holiday and one-time C$250 rebate to more than 18 million Canadians.
  • The total cost of the temporary GST removal is estimated at C$1.6bn.
  • Radio-Canada appears to have first reported on this at the equivalent of 2:48pm London time with an update 4:18pm.
  • The plan was agreed with the NDP after it pulled out of the power-sharing deal earlier this year. It should reduce the likelihood of an early election, with a federal election due by Oct 2025.
  • GoC yields are currently 2.5bp-5bp higher on the day, with increases led by 2s.
  • It helps the recent increase in Can-US yield differentials further away from multi-decade lows seen earlier this month. Both the 2Y and 10Y differentials are at -99bps (+5/4.5bp on the day), at what would be highest closes since mid-to-late Oct.