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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
- Yields have pulled back since BoC’s Macklem spoke following the Financial System Review, with little impact from the publication of the FSR itself.
- He noted that Dep Gov Beaudry’s comments last week had indicated that the likelihood of the Bank going to the top of the 2-3% neutral range or possibly somewhat above has increased and didn't sound overly worried on housing risks. However, by not ramping up hawkishness even further led to a correction in yields having surged in recent days.
- 2Y GoC yields are -3.5bps on the day vs +4bps for Tsys, whilst the Dec’22 BAX implied yield has fallen 5.5bps since Macklem spoke to sit 1bp lower on the day.
- Putting the recent moves into perspective though, the 2Y yield of 3.07% was last seen in Jul’08 whilst the BAX curve has terminal rates 40bps higher since last week’s BoC decision.
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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