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OUTLOOK: Retail Sales

CANADA
  • Data: Retail sales for Nov, very much outdated (cons +1.2% M/M from +1.6% M/M)
  • No issuance. Moves more likely to be tied to geopolitical risk developments.
  • Recap: Short-dated GoCs sold off through the middle of yesterday, helped by Ontario announcing plans to gradually lift restrictions from Jan 31, before retracing.
  • Ex-BoC Gov Poloz said late on that the jump in inflation to a three-decade high has become “public concern number one" but some of the conversation "has been pretty misleading”. "At the point we're at now it’s certainly not as bad as it looks” as “economic capacity is for sure expanding as we sit here, immigration is picking up”.

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