MNI: Fed Should Tread Cautiously On Productivity -Goolsbee

MNI: US Tariffs Could Boost Inflation By 0.81%-1.63% -ATL Fed

MNI: Canada Apr-Dec Budget Deficit CAD21.7B Vs Prior CAD23.6B

MNI China Daily Summary: Friday, February 28

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

BAKER HUGHES CANADA RIG COUNT 248; OIL RIGS 177; GAS RIGS 71

MNI: BAKER HUGHES US RIG COUNT 593; OIL RIGS 486; GAS RIGS 102

EZ/UK Bond Supply Calendar: DDA, RAGBs, Gilt, Bobl Due Tuesday

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GoCs Track Treasury Sell-Off, TD Reiterate Too Early For 2s10s Steepeners

CANADA
  • GoCs mostly track the sell-off in Tsys that started in early London trade and has been mostly one way ever since, with 2-10Y yields climbing 5-6bps, although early BAX trade sees a modest outperformance to SOFR futures with 2H24 contracts -0.07-0.08 vs -0.105-0.115.
  • TD have reiterated that it’s too early to position for 2s10s steepeners and expect the recent steepening to quickly run out of steam with limited prospects for BoC rate cuts in the next six months. They also look for GoCs to underperform Tsys through 2H23.
  • BMO on renewed disruption from BC ports strike: “Current estimates suggest it could take until the fall to work through the backlog caused by the initial strike, pointing to a headwind for Canada's economy in Q3.” Intermodal rail traffic fell sharply in the first week of the labor strike, with the four-week moving average more than 20% down on a year ago, with implications for sectors involved in the trade of household and consumer products (electronics, fashion, appliances, motor vehicles and parts) as well as for a number of commodities (potash, canola, wood pulp).
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.