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Rates Awaiting Rogers Remarks

  • BAX futures trade relatively changed through 2023 (yields mixed between +1.5bp, -2bp) before larger rallies thereafter (-6bps Jun’24) after broadly as expected Canadian retail sales and US Richmond Fed manufacturing earlier.
  • The terminal in the Mar’23 holds at a level implying a policy rate between 4.25-4.5% whilst near-term, OIS pricing is undecided between a 25 and 50bp hike for the Dec 7 meeting.
  • BoC’s Sr Dep Gov Rogers remarks on financial stability imminently.

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