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GoCs With Modest Bull Steepening With US Drivers Eyed

CANADA
  • GoCs bull steepen, with the front end holding on to a 1.5-2bp rally from the open but the long end reversing an earlier bid for little changed.
  • At 3.65%, the current 2YY is roughly 10bps lower than days ahead of the Dec 7 BoC decision, but has seen sizeable swings in the interim, touching 4% at the turn of the year before rallying to almost 3.45% mid last week. Similar large moves in the current 10YY but it sits 5-10bps higher than lead in to prior decision.
  • A blank local docket sees US business surveys in focus today before tomorrow’s BoC decision (~20bp hike priced).
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