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Market Roundup: Post-BoC Support Evaporating

US TSYS
Tsys have reversed course over the last hour, extending lows last few minutes as post-BOC support evaporates. Yield curves continue to march steeper (2s10s +9.473 at -66.706) w/ Bonds leading sell-off (30YY +.0246 at 3.6290%).
  • While monthly core inflation suggests core has peaked rather than early indicator price pressures may be losing momentum helped drive early bid, reversal less a function of active sellers than support has waned following BOC Macklem's "conditional" pause comment.
  • "Overall, we view the risks around our inflation forecast as balanced, but with inflation still well above our target, we continue to be more concerned about the upside risks. If these upside risks materialize, we are prepared to raise interest rates further."
  • Trading desks report prop and fast$ buying 10s as sector climbs back to steady/mildly higher, pre-auction short sets in 5s ahead today's $43B 5Y auction.
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Tsys have reversed course over the last hour, extending lows last few minutes as post-BOC support evaporates. Yield curves continue to march steeper (2s10s +9.473 at -66.706) w/ Bonds leading sell-off (30YY +.0246 at 3.6290%).
  • While monthly core inflation suggests core has peaked rather than early indicator price pressures may be losing momentum helped drive early bid, reversal less a function of active sellers than support has waned following BOC Macklem's "conditional" pause comment.
  • "Overall, we view the risks around our inflation forecast as balanced, but with inflation still well above our target, we continue to be more concerned about the upside risks. If these upside risks materialize, we are prepared to raise interest rates further."
  • Trading desks report prop and fast$ buying 10s as sector climbs back to steady/mildly higher, pre-auction short sets in 5s ahead today's $43B 5Y auction.