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GoC Outperformance Resumes

CANADA
  • Minimal change in 2Y GoCs at and since the open sees renewed outperformance to Tsys (+3.7bps) with the Can-US diff back to -47bps.
  • Outperformance has been a theme of the past week, only briefly reversing yesterday after the FOMC decision saw 2Y Tsys -23bps vs GoCs -20bps on the day.
  • Yesterday’s BoC minutes help, with no discussion of a hike in a decision prior to regional banking woes, although the move is at odds with a 6tick sell-off early in the BAX session.

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