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GoCs Sell Off As US Retail Sales Eyed

CANADA
  • GoCs see a broadly parallel sell-off across the curve of ~3.5-4bps, which compared to the bear flattening in Tsys sees outperformance at the front-end and underperformance at the long-end.
  • There are similar forces in early trading for front rates, with BAX futures implied yields lagging the rise in Eurodollars.
  • A lack of local drivers until tomorrow's CPI leaves US Fedspeak and data as key triggers. Bullard at 0800ET could come up with particularly bullish headlines whilst focus will likely be on growth and inflation implications from US retail sales at 0830ET.
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