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Rate Path Close To Jan BOC Levels

  • BAX futures continue to see a mellow version of the repricing of rate hikes in the US, with front reds firming the most on the day.
  • Implied hikes have edged higher recently but are still close to being at those after the hawkish holds of the BOC and the FOMC on Jan 26, having almost fully unwound an additional hike that had been priced after the strong Canadian CPI data on Feb 16 (and accumulation of strong US data).

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