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Govt Bonds See Subdued Twist Flattening

CANADA
  • Canadian govt bonds have continued to flatten today, this time twist flattening in a more subdued version to that seen in the US.
  • 2Y yields are +0.5bps at 1.077%, 5Y +0.8bps at 1.509%, 10Y -0.1bp at 1.708% and 30Y -0.3bps 1.947%.
  • 2Y yields remain higher in absolute terms than their UST counterparts (1.077% vs 0.931% for US Tsys) although are still some 8bps below the recent high of Dec 8 whereas the US 2Y is the highest since Feb-2020.
  • There are auctions for 2Y and 5Y bonds on Wed and Thu but with little no local data until Fri and no scheduled BOC speakers, US factors could dominate over the short-term. Powell’s nomination hearing starts at 1000ET today before US CPI on Wed (Canada CPI not until Jan 19 before both BOC and Fed on Jan 26).
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