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GoCs Partially Unwind Sizeable Sell-Off, Tax Collection Workers Remain On Strike

  • GoCs rally 2-4bps across the curve, with the front-end underperforming, after yields rose 12-13bps yesterday in a spillover from stronger US ISM mfg prices paid.
  • A light docket (which remains light until Friday’s employment report) sees US data of Jolts and factory orders likely headline at 1000ET.
  • Recapping from yesterday, the PSAC ended its strike for 120k of its members that began Apr 19 after agreeing to a 12% wage gain over four years and a one-time lump sum equivalent to 3.7% of annual pay. The agreement didn’t cover 30k workers at the tax-collection agency, who will remain on strike and affect processing of tax returns due Sunday.

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