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GoCs Start With A Narrow Rally Ahead Of BoC Minutes, FOMC

CANADA
  • GoCs hold a tight 0.5bp rally across the curve shortly after the open, underperforming Tsys at the front and end outperforming at the long end with Treasuries twist steepening.
  • Canadian National Railway - fourth largest market cap on TSX - missed estimates yesterday after the close, with Q2 ADJ EPS at C$1.76 (est. C$1.80) and revenues C$4.06B (est. $4.14B).
  • The BoC minutes land at 1330ET just 30mins before the FOMC decision. Covering the Jul 12 decision to hike 25bps to 5%, we know the Governing Council discussed holding rates and awaiting more data, and that it wants to assess rates on a decision-by-decision basis whilst being prepared to hike again if needed.
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