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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- GoC yields appear to have tentatively stabilised, with 10YY up +8.6bps on the day at 1.94% (USTs +7.6bps) having reversed Friday’s geopolitics-driven risk-off rally.
- Breakevens have been little changed since grinding higher on very strong US CPI on Thu, with the adjustment instead being carried out in real terms.
- This has been the case through the YTD. The real yield of -2.5bps is back close to last month’s highs of 0 and prior to that was last seen in May 2020, with a sizeable ~50bp tightening in real yields so far in 2022 that should help to do some of the BoC's tightening.
- Today’s Bloomberg economist survey saw 10Y nominal yields little changed this quarter, with a median of 1.87% for end 1Q22 (it averaged 1.85% in the survey window of Feb 4-10), before rising to 2.25% end-2022 and 2.40% end-2023.
Canadian 10Y govt bond yields. Nominal (white), breakeven (yellow) and real (green)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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