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GoC Steepening Continues

CANADA
  • GoCs largely keep pace with the rally in Treasuries at the front-end but lag further out, bull steepening on the day with 2YY -8bps and 10YY -5bps.
  • This sees 2s10s continue to rise to 29bps from sustained lows of 8bps less than two weeks ago.
  • Despite relative GoC underperformance on the day, Can-US yield spreads remain in recent ranges, with both 2Y and 10Y differentials around -7bps.

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