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Canada: Inversion Through BAX Greens

STIR
  • BAX futures have turned inverted through the greens (BAH4-BAZ4) to the tune of -1bp, having flirted with it for much of today, even if volumes are extremely low.
  • That part of the curve has been largely flat for a little while and below 5bps since mid-Jan.
  • Ahead: Limited data on Monday with eyes ahead on Nov GDP on Tue, BoC commentary from Gravelle (on Benchmark Reform) and now also Gov. Macklem and Senior Dep Gov. Rogers (Senate Committee) on Wed before the Jan employment report on Fri.
  • Separately, police are preparing for 'significant' protests at Parliament Hill as the trucker convoy begins to arrive in Ottawa.

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