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GoCs Underperform Tsys Despite Further Drop in Consumer Confidence

CANADA
  • GoCs are currently holding onto modest underperformance of Treasuries, rallying 3.5-4.5bps across the curve vs 5.5-7bs for Tsys.
  • There are limited drivers for the differences aside from some sensitivity to the upcoming BoC decision with a 75bp hike broadly expected as part of the Bank acting “more forcefully”.
  • It saw little immediate impact but Bbg Nanos consumer confidence saw the largest of eleven consecutive weekly declines, which at 45.5 is still far off Apr’20 lows of 37.0 but closing in on the Dec’08 low of 43.3.

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