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GoCs Opening Sizeable Outperformance To Treasuries

CANADA
  • GoCs have opened sizeable outperformance to Tsys through the session, with yields 4-6bps lower across the curve compared to US yields ranging from +0.5bp to -1.5bps.
  • Outperformance follows weak June flash for various sales indicators, most recently yesterday’s manufacturing sales falling -2.1% M/M, along with Canadian National Railway missing EPS and revenue estimates after yesterday’s close.
  • The BoC minutes at 1330ET come shortly before the FOMC decision. Covering the Jul 12 decision to hike 25bps to 5%, we know the GC discussed holding rates to await more data, and that it wants to assess rates on a decision-by-decision basis as it is close to the end of the tightening cycle but is prepared to hike again if needed.
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