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GoCs Return To Outperforming Tsys

CANADA
  • GoCs flip back to outperforming Tsys in today’s sell-off, and across the curve after Friday’s front end underperformance (2YY +3bps vs 4.5bps, 10YY +4bps vs 7bps). It pushes Can-US yield differentials back near or at month lows with the 2Y at +6bps and 10Y at +4.5bps.
  • It’s unclear what has caused this return to outperformance today, with GoC yields if anything supported by a second week of small improvement in Nanos consumer confidence after eleven consecutive declines. It could just be some overhang from the combination of last week’s CPI miss and retail sales real momentum fading.
  • No notable local releases scheduled this side of the FOMC, with the main release GDP for May on Friday.
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