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CANADA: Modestly Dovish FI Reaction To CPI Pared

CANADA
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  • They are still only relatively small moves but 2Y GoC yields have pared most of their dip on the CAD CPI release, now just 0.5bp lower although still -3bp on the day. For context, 2Y Tsy yields are -1bp post-data for also -3bp on the day.
  • The further acceleration in the BoC’s core to 3.5% annualized could be at play here, being a second month above the 1-3% target band and technically its highest since Sep 2023.
  • It is however a volatile series, whilst the smoother six-month run rate increased a steadier 0.1pp back to 2.8% Y/Y to just about remain within that target band (although still its fastest since Jan 2024).
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  • They are still only relatively small moves but 2Y GoC yields have pared most of their dip on the CAD CPI release, now just 0.5bp lower although still -3bp on the day. For context, 2Y Tsy yields are -1bp post-data for also -3bp on the day.
  • The further acceleration in the BoC’s core to 3.5% annualized could be at play here, being a second month above the 1-3% target band and technically its highest since Sep 2023.
  • It is however a volatile series, whilst the smoother six-month run rate increased a steadier 0.1pp back to 2.8% Y/Y to just about remain within that target band (although still its fastest since Jan 2024).