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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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Canadian FI Extends Rally Post-BoC

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  • After little immediate reaction to the BoC statement, front GoCs have continued an earlier intraday rally, in contrast to more mixed trade in Treasuries since 1000ET.
  • 2Y GoC yields are now -6.5bps lower on the day (-5.5bps since the decision) and back at levels just before Powell opened the door to a 50bp hike yesterday.
  • Similar rally in BAX futures, limited to 3bps in the most active BAM3 but after that 5.5-7bps across the curve, although still holding onto no cuts priced in 2023 judging by the BAH3/Z3 spread (+0.03).
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  • After little immediate reaction to the BoC statement, front GoCs have continued an earlier intraday rally, in contrast to more mixed trade in Treasuries since 1000ET.
  • 2Y GoC yields are now -6.5bps lower on the day (-5.5bps since the decision) and back at levels just before Powell opened the door to a 50bp hike yesterday.
  • Similar rally in BAX futures, limited to 3bps in the most active BAM3 but after that 5.5-7bps across the curve, although still holding onto no cuts priced in 2023 judging by the BAH3/Z3 spread (+0.03).