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GoC Curve Continues To Flatten

  • Taking a leaf out of the US’s book, the GoC curve has flattened aggressively today, continuing a move seen at Macklem's press conference before levelling off ahead of and after the FOMC.
  • 2s10s are down 7.5bps at 50bps (off 49bps), the flattest since December and prior to that not seen for any sustained period since late 2020.
  • 2Y yields are pinned following the BOC/Fed yesterday, up 1.5bps at 1.280% and less than 1bp off pandemic era highs touched last week.
  • The longer end has rallied -6bps at 1.780%, pushing real yields higher with little move in breakevens.

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