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Only Modest Lift In Can-US Differential With CFIB Price Plans Jump

CANADA
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  • GoC yields sit 0.5-1.5bp higher having pushed higher since the open, enough for only a limited increase in Can-US yield differentials (+0.5-1.5bp on the day, with the 2Y at -64.5bps).
  • BoC-dated OIS has seen June cut pricing shift from yesterday’s 14-15bp to closer to 13bps for now.

Two notable developments from earlier:

  • The CFIB small business survey showed a sharp increase in price and wage setting plans, and whilst it’s not a major report, it should have an outsized impact considering the BoC needs to see at least a continuation of prior trends to gain confidence to start cutting.
  • Honda will spend C$15bn to build EVs north of Toronto, with Bloomberg reporting significant financial aid from the government. The company and PM Trudeau will unveil details later today.
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  • GoC yields sit 0.5-1.5bp higher having pushed higher since the open, enough for only a limited increase in Can-US yield differentials (+0.5-1.5bp on the day, with the 2Y at -64.5bps).
  • BoC-dated OIS has seen June cut pricing shift from yesterday’s 14-15bp to closer to 13bps for now.

Two notable developments from earlier:

  • The CFIB small business survey showed a sharp increase in price and wage setting plans, and whilst it’s not a major report, it should have an outsized impact considering the BoC needs to see at least a continuation of prior trends to gain confidence to start cutting.
  • Honda will spend C$15bn to build EVs north of Toronto, with Bloomberg reporting significant financial aid from the government. The company and PM Trudeau will unveil details later today.