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Sizeable Paring Of FI Gains After Stronger US Data

CANADA
  • GoCs have pared most of their CPI gains, with 2Y yields now just -2bps since the release (-1bp on the day) after an 8bp intraday increase.
  • The intraday pressure has come from multiple stronger than expected US data releases driving a 10bp intraday swing high in 2Y Tsy yields for currently +7.0bp on the day, leaving sizeable GoC outperformance.
  • GoCs twist steepen with the long end holding cheaper levels on the day, with 2s10s rising another 3bps to -128bps, further off yesterday’s recent sustained lows of -134bps but still extremely inverted at levels not seen since early 1990.
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