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GoCs Extend Rally On BoC Minutes But Broadly Limited Recation Pre-FOMC

CANADA
  • Limited reaction to the minutes and the lack of consideration of a hike, with the meeting before US regional banking woes and clearly coming just ahead of imminent FOMC decision.
  • Modest extension of the GoC rally with yields now down 9-10bps across the curve (2YY -9bps vs -7.5bps before the release, 2Y Tsys currently -3.5bps). USDCAD near unchanged on the release having already dipped 10 pips off session highs pre-release

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