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GoCs Pare Gains Into BoC Press Conference

CANADA
  • GoC yields have come off post-BoC decision lows, with the 2YY 3.5bps higher for a 4.5bp rally since decision.
  • Possibly fading of earlier bid but Governor Macklem’s opening statement also appeared to read less dovish than the rate announcement, with a similar balance of risks to inflation last month: "Needless to say, there are risks around this projection. The biggest near-term risk is that global energy prices could increase, pushing inflation up globally. We’re also concerned that if inflation expectations remain elevated in Canada or increases in labour costs persist, inflation will not come down as quickly as we have forecast. Overall, we view the risks around our inflation forecast as balanced, but with inflation still well above our target, we continue to be more concerned about the upside risks. If these upside risks materialize, we are prepared to raise interest rates further.”
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