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Govt Bond Curve Flattens Further

CANADA
  • Today’s rally in GoCs has seen the curve flatten to a new month low on a 2s10s basis.
  • 2Y yields are down -2.8bps on the day and 10y -5.2bps, pushing the spread to 52bps for a 10bp flattening on last week and a 14bps from the Jan 10 peak.
  • The short-end remains somewhat pinned by prospects of upcoming BoC tightening (potentially starting on Wed), with the 2Y at 1.216% vs last week highs of 1.286%, versus the 10Y rallying ~16bps to 1.737%.
  • Along with geopolitics led risk-off sentiment, this has come on inflation breakevens falling to the lowest since early Oct at 1.74% in a broadly similar move to that seen in the US.
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