Bond yields surged early in the week as banking worries gave way to inflation worries. But thankfully, we ended March with better-than-expected U.S. PCE data. That took inflation anxiety down a notch (more on that below).
If you're a Canadian rate watcher, you know that U.S. inflation data matters as much as its domestic equivalent. That's why Friday's PCE progress helped Canada’s 4-year swap rate—a proxy for basic fixed-rate funding cost—dip six basis points.
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