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More Central Bank Frontloading Weighs On BAX Yields

CANADA
  • BAX yields have seen a sizeable decline after initially firming on the 50bp ECB hike before slipping on a combination of front-loading guidance and various softer US data prints.
  • Yields for 2H23 and beyond are currently down 7.5bps on the day and are back to levels seen just prior to the BoC’s 100bp and also front-loaded hike last week that at the time drove further inversion in the curve.
  • Compared with more muted moves in front contracts (further evidenced by OIS for Sep 7 only dipping 1.5bps to 67.5bps), BAZ2/BAZ3 inversion nudges higher but sits within the post-BOC range at -53bps.
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  • BAX yields have seen a sizeable decline after initially firming on the 50bp ECB hike before slipping on a combination of front-loading guidance and various softer US data prints.
  • Yields for 2H23 and beyond are currently down 7.5bps on the day and are back to levels seen just prior to the BoC’s 100bp and also front-loaded hike last week that at the time drove further inversion in the curve.
  • Compared with more muted moves in front contracts (further evidenced by OIS for Sep 7 only dipping 1.5bps to 67.5bps), BAZ2/BAZ3 inversion nudges higher but sits within the post-BOC range at -53bps.