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GoC 2Y Yields Hold Onto >3% For First Time Since Jul’08

CANADA
  • GoCs marginally underperform Tsys shortly after open, firming 2bps through the belly but little changed at the front-end, rallying just -0.5bps to 3.02% having yesterday cleared 3% for the first time since July 2008.
  • It squeezes a further increase in Can-US yield differentials, now at +30bps for the 2Y and +16bps for the 10Y in a notable swing from circa +7bps and +5bps this time last week.
  • Very early trade in BAX futures support this, with implied yields rising 2-3bps compared to Eurodollars implied yields sliding 2-3bps, as the Canadian rate outlook continues to be supported by a hawkish BoC.
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