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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- After a sizeable bull flattening at the start of the session in a catch-up from yesterday’s Civic Holiday and Taiwan tensions, GoC yields have surged higher today with 2YY +12.7bps, 5YY +13.3bps and 10YY +10bps from Friday’s close.
- It leaves 2s5s relatively little changed at -34bps whilst 2s10s still flatten from to -38bps but are off intraday lows of -48bps that had cleared Mar'20 lows for the most inverted since 1990.
- The move comes as coordinated Fedspeak jawboned the rate path higher whilst downplaying the significance of a technical GDP recession after last week’s Q2 contraction.
- Similarly, BAX yields currently sit 11.5bps higher for Dec’22 and 18bps higher for Dec’23, in a notable unwinding of inversion to -68bps for 2023 from the -80.5bps earlier this morning.
- That is however still heavily inverted and, for the first time this cycle, more so than in the Eurodollars equivalent.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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