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GoC Rally Fizzles Out With US

CANADA
  • The intraday rally in GoCs has fizzled out after a similar move in the US, having been started by a softer than expected employment cost index.
  • This leaves the 2Y GoCs at 1.243%, down 3bps from early today and almost exactly back to where they were once Powell finished speaking on Wed.
  • The spread over 2Y USTs touched just 5bps for the second day (just after Canadian open, now 7.5bps), the lowest since Feb’21.
  • Fiscal data for Nov appeared to have little impact. The deficit was C$1.4B vs the C$15.4B a year ago, with spending unsurprisingly lower and a 26% Y/Y increase in revenues, largely on tax revenue.
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