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Minor Twist Steepening To Start The Day

CANADA
  • GoCs open with a subdued version of the twist steepening seen in Treasuries, with 2Y yields -1.4bps and 10Y yields +0.7bps. 2s10s sits at 16bps whilst 5s30s remains fractionally inverted.
  • The front-end is consistent with BAX futures firming in early trading as implied yields continue to slowly pull back from Friday’s highs in contrast to more aggressive sell-side calls over the past two days.
  • BMO look for back-to-back 50bp hikes whilst BoA and Citi forecast three consecutive 50bp increases.
  • No Canadian data of note today, with moves more likely taking a cue from Russia-Ukraine peace talk developments, Fedspeak and if a large enough surprise, US ADP and Q4 GDP revisions.
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