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GoC’s Look Through Weak Consumer Confidence

CANADA
  • GoC yields have cranked higher from a subdued open to leave them up +4bps at the front-end and +2bps at the long end, with front-end yields touching new cycle highs.
  • Yields look through another fall in weekly consumer confidence per the Bloomberg Nanos survey to 52.2, which prior to the pandemic now sits only just above 2016 lows. Growing housing pessimism weighed on sentiment, with the 20% expecting real estate prices to decrease over the next 6mths the highest since Jul’20.
  • Growing underperformance on the day to Tsys at the short-end pushes the Can-US 2Y yield differential to recent highs of 26bps, the highest since January.
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