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Mixed GoC Performance Amidst Treasury Bear Steepening

CANADA
  • GoCs have lifted off session lows but still sit firmly cheaper over the past hour, dragged by Tsy for 3.5-4bp cheaper across the curve.
  • They underperform at the front end (2YY +4bp vs 1.7bp for Tsys), perhaps with some delayed impact from stronger than expected CAD housing starts.
  • The long-end doesn’t keep pace with the sell-off though, with the 10YY +4.6bps vs +6.8bp for Treasuries, the latter having kicked on with Gaza humanitarian aid headlines and futures pushing through support levels.
  • Upcoming drivers are likely concentrated on potential spillover from Fedspeak, with next local factors input prices and 10Y supply tomorrow.
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