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Canada: Larger Hikes Priced For 2023

  • The bulk of the post-US CPI adjustment has come in the reds for BAX futures, down up to 7 ticks on the day, whilst whites are between unchanged and down 1.5 ticks.
  • This sees almost 25bps of additional hikes priced in mid-2023 compared to after the BOC/FOMC, with the Z2-Z3 spread breaking back out of the recent 40-45bp range to 49bps.

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