According to a Reuters poll last week: * 24 of 28 economists expect no change at Wednesday's BoC meeting. * Two-thirds expect no further overnight rate changes at all this year. That's in clear defiance of market pricing (see table below). And the market is slightly more accurate

Washington's political establishment is nearing a resolution on the debt ceiling fiasco. With a bit of last-minute horse-trading, Congress should be able to lift the debt limit by the Treasury Department's revised June 5 deadline. That should hopefully remove some upward pressure on U.S. yields,

Despite the high probability that a U.S. debt limit deal will be reached by the Treasury's June 1 deadline, traders took U.S. yields higher on Tuesday. Hawkish Fed chatter added further fuel to the gains. All that U.S. drama dragged Canadian yields higher in sympathy.

Rate-weary mortgagors have been waiting for this signal. The Fed Chair has suddenly shifted his tone and now appears more willing to let high rates do their work, with potentially no further hikes...for now. Here was Jerome Powell's money quote from Friday: