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GoCs Track Tsys Ahead Of Second Tier Local Data

CANADA
  • GoCs are broadly tracking Tsys this morning, selling off 2.8-3.3bps across the curve, leaving slopes little changed with both 2s5s and 2s10s within Friday’s particularly narrow range at -12.5bps.
  • The data highlight this week is clearly CPI on Wed but housing starts for (0815ET) and weekly consumer confidence (0800ET) also of note today.
  • Starts are seen slowing from 287k to 274k, with CIBC below consensus at 240k but still above the pre-pandemic pace as starts react more slowly to rate increases compared to the resale market. Normally not of note, but weekly Nanos consumer confidence last week saw the largest of eleven consecutive weekly declines to 45.5, closing in on the Dec’08 low of 43.3 (still off Apr’20 of 37.0).
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