BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

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Still Finding Levels After Sizeable Paring Of Geopolitics Risk Spike

US TSYS
  • Treasuries have pared significant gains seen overnight, the move initially on Israel’s counter-strike against Iran before the lack of meaningful damage to Iranian assets has seemingly resulted in little Iranian desire for an immediate response despite their pre-attack warnings, avoiding a worst-case scenario.
  • Furthermore, Iranian nuclear installations were not damaged, but local press outlets in Israel have since run reports pointing to capabilities of launching more meaningful attacks on Iran, helping maintain richer levels on balance.
  • Cash yields sit 4.3-6.5bps lower, led by 5-10Y tenors, whilst 2s10s at -37.3bps (-2.2bps) has pulled further away from recent highs of -28.2bps seen on Tuesday.
  • TYM4 sits within wide overnight ranges at 108-06+ (+ 16) on huge volumes already above 1mn. It topped out at 108-22+, coming close to resistance at 108-25+ (Apr 12 high) but the bear cycle is seen remaining in play with support at 107-13+ (Apr 16 low).
  • Data: No regular data releases today although the BLS releases state-wide labor data (1000ET)
  • Fed: Goolsbee (’25) in SABEW Q&A but with prepared text (1030ET), Fed Financial Stability Report (1600ET). FOMC begins media blackout at midnight ET.
  • No issuance.
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