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GoCs Off Highs But Holding Decent Rally Ahead of BoC’s Beaudry

CANADA
  • GoCs have seen some recent cheapening off session highs, more notably so at the long end but with the front end starting to see more traction.
  • They maintain a decent rally on the day though (2YY -6.2bps, 10YY -3.8bps), bull steepening after yesterday’s large bear flattening on the BoC with mention of excess demand persistence and worries inflation could be stuck materially higher than target.
  • The steepening is in contrast to the flattening in Tsys today, perhaps a view that risk is tilted to Dep Gov Beaudry more likely coming in less rather than more hawkish than yesterday’s statement. Remarks published 1510ET, speech begins 1525ET and media Q&A 1645ET.
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