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Modest GoC Flattening On Price Data

CANADA
  • Modest flattening in GoCs following mixed price pressures for Dec.
  • Whilst volatile, the series are further evidence of elevated cost pressures. 2s10s have flattened 1.2bps to 48.8bps, with the work done by the 10Y rallying as the 2Y was largely unchanged having sold off earlier on larger hike fears.
  • Stripping out energy & petroleum, raw material prices were flat on the month (18.5% Y/Y) but industrial prices were up +1.4% M/M (13.6% Y/Y) on a 19% jump in lumber prices.
  • Oil fell heavily in Dec but is likely to have rebounded strongly in Jan.
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