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CPI Looms Into View Post-Powell

CANADA
  • FI: The belly-led sell-off extends by ~1bp with 5Y yields up +11.5bps on the day at 2.858% and now only 8bps below cycle highs. BAX implied yields still don’t keep up with the rise in Eurodollars but are ~12bp higher on the day across most of the curve.
  • FX: USDCAD is hardly changed from prior to Powell speaking, -0.2% at 1.2821.
  • Tomorrow’s Canadian CPI for April has a particularly wide range in the Bloomberg survey of 6.3-6.9% Y/Y from the 6.7% in March for headline, creating scope for surprises.
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