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Rise In Front Yields Limited Ahead Of BoC

CANADA
  • Front end GoCs have slowly built on the move higher in yields at open, to sit +5bps on the day at 2.60%.
  • It comes as China eases some Covid restrictions, whilst lagging European yields with German inflation coming in much stronger than expected.
  • There have been broadly consistent moves in BAX futures, where implied yields have increased as much as 7bps in the early 2023 contracts.
  • It lags a 10bp increase in Eurodollars yields in a light US session as Fed Governor Waller floated the idea of 50bp hikes at ‘several’ meetings as opposed to the next ‘couple’ meetings.
  • Data: GDP tomorrow provides the final data steer before the BOC decision on Wed, with almost unanimous consensus for a 50bp hike (1 of 29 analysts on Bloomberg sees a 25bp hike instead).
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