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Market illusions about the relative resilience of Canada’s economy have been exhausted in recent months, and swap-implied rate projections for the Bank of Canada and the Federal Reserve have converged in a dramatic fashion. Yield differentials and the loonie have come under sustained pressure, with central bankers on both sides of the border now seen delivering rate cuts at a roughly-similar pace through the course of 2024.

Number of Rate Cuts Expected, By Meeting

US Job Market Hits Wall, Raising Fed Easing Expectations
Bond Market Turmoil Eases As Labour Markets Slow
Sentiment turnaround
Strains Grow As Investors Shun Long-Term Debt
Debt worries
Jump In Long-Term Yields Pummels Currency Markets

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