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GoCs Closing Out The Week Only Modestly Cheaper Despite BoC 50bp Hike

CANADA
  • GoCs are closing out the week with yields higher across 2-10Y tenors after the BoC’s surprise 50bp hike (at least to market pricing of 32bps) but with relatively dovish guidance of dropping further hikes are needed to will be considered.
  • The latter means the increase is only 3.5bps higher over the week for the 2Y and just shy of 5bps for the 10Y.
  • In turn its done relatively little for Can-US yield differentials, which remain heavily negative at -49bps for the 2Y and -71bp with the implication that markets continue to see a more heavily indebted economy that can’t sustain the same level of restrictive rates.
  • Governor Macklem speaks Monday afternoon but potentially overshadowed by US CPI and a string of central bank meetings through the week including the FOMC on Wed.
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