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Front-Loading Helps Trim GoC Post-BoC Sell-Off

CANADA
  • With “front-loaded” in vogue at the press conference, GoCs have unwound a large part of the initial lurch higher, with 2Y yields 3bps higher than after US CPI had been digested for +11.5bps on the day.
  • The 10Y yield meanwhile sits almost unchanged on the day, having initially increased 4bps on the announcement before falling 8bps from a combination of the move in Tsys (now -2.5bps on the day) and BoC communication.
  • 2s5s and 2s10s continue to sit near pre-pandemic lows at -15bp and -13bp respectively.

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