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GoCs Holding A Little Off Post-1990 Flats For 2s10s

CANADA
  • The rise in GoC yields from the earlier U.Mich consumer sentiment beat spilling over has left GoCs with a mild twist flattening on the day (2YY +0.7bps, 10YY -0.5bps).
  • In doing so it nudges 2s10s down to -47bps but remains off pre-US CPI lows of circa -55bps in what had been post-1990 lows.
  • US factors have dominated this week with a lack of local steers, but that changes next week with Canadian CPI on Tuesday particularly of interest after last month’s more mixed report.

GoC 2s10s spread (white) - showing mid price, not ask price per textSource: Bloomberg

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  • The rise in GoC yields from the earlier U.Mich consumer sentiment beat spilling over has left GoCs with a mild twist flattening on the day (2YY +0.7bps, 10YY -0.5bps).
  • In doing so it nudges 2s10s down to -47bps but remains off pre-US CPI lows of circa -55bps in what had been post-1990 lows.
  • US factors have dominated this week with a lack of local steers, but that changes next week with Canadian CPI on Tuesday particularly of interest after last month’s more mixed report.

GoC 2s10s spread (white) - showing mid price, not ask price per textSource: Bloomberg