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BulletMarketsFixed Income Bank of Canada Market News
  • BAX futures yields move higher with increases mainly in the red pack (5.5bps) on the second day of unwinding a sharp rally from early in the week which leaves them more than 25bps below previous highs.
  • It appears less to do with BoC’s Macklem noting the neutral rate could rise gradually over time and more just lagging moves in Eurodollars.
  • More modest increases in the white pack for what’s already a steep path through 2022, perhaps waiting for tomorrow’s GDP, with a strong +0.8% M/M expected in Feb after last month’s flash release plus the new flash for March.


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  • BAX futures yields move higher with increases mainly in the red pack (5.5bps) on the second day of unwinding a sharp rally from early in the week which leaves them more than 25bps below previous highs.
  • It appears less to do with BoC’s Macklem noting the neutral rate could rise gradually over time and more just lagging moves in Eurodollars.
  • More modest increases in the white pack for what’s already a steep path through 2022, perhaps waiting for tomorrow’s GDP, with a strong +0.8% M/M expected in Feb after last month’s flash release plus the new flash for March.