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GoCs Sell-Off Trimmed

CANADA
  • GoCs broadly track Tsys as the earlier sell-off is broadly unwound, with front-end yields now 1.5bps higher and the longer-end 2-3bps higher.
  • Rates have seen similar moves in early trade, e.g. 1.5-2bp increases in BAX implied yields to mid-2023, waiting on drivers as they broadly stabilise after large moves last week.
  • As it is, the BAX curve points to yields peaking in Dec’22/Mar’23 contracts with only minimal inversion thereafter. Growing recession fears could drive further inversion, but with no local data today, cues could instead be taken from upcoming second tier US releases, including consumer confidence and the Richmond Fed manufacturing activity indicator.
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BulletMarketsFixed Income BulletsHomepage Bank of Canada Market News

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