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Modest Hawkish Reaction To Macklem Remarks

CANADA
  • GoC yields have lifted slightly and USDCAD nudged through support with Macklem’s remarks. He notes that renewed financial system stress could alter the rate path but also that there is only limited spillover from banking turmoil and elsewhere stuck to prior points on the difficulty of getting inflation the rest of the way back to 2% with risks of sticky inflation.
  • 2YY have lifted 2bps since (Tsys +0.8bps in the meantime) but are still -5bps on the day (Tsys -11bps).
  • USDCAD has pushed through the 20-day EMA of 1.3547 to a low of 1.3541, next eyeing 1.3528 (May 2 low).
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