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Limited Initial Reaction To The BoC Minutes

CANADA
  • The minutes noted the diversity of views about when conditions would warrant cutting (as alluded to by Macklem) but also stressed that any easing would probably be gradual.
  • USDCAD at 1.3707 pulls back a little further off earlier highs of 1.3729 after the BoC’s minutes, but it’s in keeping with a continued paring of earlier losses in equity futures.
  • BoC-dated OIS shows fractionally fewer cuts priced for June but it’s still circa 15bps.
  • GoC yields are little changed on the release, within 0.5bp higher across the curve in the initial reaction.
  • On the day, the 2Y Can-US differential sits 1.5bp higher having reversed its earlier decline on soft CAD retail and mfg sales, but those reports still weigh further out with the 10Y differential 1.5bps lower.
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