Markets were rattled on Wednesday after ADP employment data revealed a more serious contraction in U.S. jobs than anticipated.

The surprisingly soft data made next week's Fed cut even more likely. And while Canada’s own chance of a December trim remains somewhere between slim and never, heightened expectations of U.S. easing still tend to tug our yields lower.

Yields steadied after Monday's spike following the Bank of Japan's hawkish messaging. While a Fed rate cut is largely baked in, Canadian markets are now looking to Friday's domestic jobs data to cinch expectations that the BoC will hold.

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The Bank of Japan jolted Canada's bond market on Monday. The BOJ hinted it could tighten rates later this month, driving yields noticeably higher.
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Closer to home, U.S. and Canadian manufacturing keep easing off the throttle. But that did little to stop yields' rocket launch on Monday.

Friday's big news was that Canada's economy appears to be coming back to life, with StatCan reporting surprisingly strong Q3 growth. But a peek under the hood reveals we're still not yet firing on all cylinders.

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Here's a crushing of economists' forecasts that we don't see every day.

GDP just humbled the consensus -0.5% estimate, landing at 2.6% annualized in the third quarter.

Regrettably, it appears to be a classic statistical headfake.

While the BoC will almost certainly stay put next month, investors await Friday's GDP numbers to confirm it.

Meanwhile, more investors are suddenly piling on the Fed cut bandwagon, and Fed easing could, in turn, encourage the BoC to remain on hold longer.