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Delayed, Albeit Modest, GoC Sell-Off After BoC Minutes

CANADA
  • After initially no reaction to the hawkish leaning BoC minutes, 2Y GoC yields have now climbed 2bps vs 0.5bps for 2Y Tsys over the same period, to leave 2Y GoCs 3bps cheaper on the day.
  • CORRA futures are more reluctant to sell off, still topping out with an implied yield of 5.06% for the Dec’23 before 78bp of cuts to the Dec’24 (79bps pre-minutes).
  • Overall reaction is likely further hampered by the significant slide in oil prices with WTI now $75, removing a source of concern from more elevated levels when prices had ranged between 85-90 in the days ahead of the Oct 25 decision.
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