-- Government of Canada (GoC) bonds and United States Treasury levels have been "choppy" year-to-date, noted National Bank of Canada on Thursday.
Having opened at -97.5 bps, two-year GoCs are "richer" on the cross-market differential since January, but little changed since the beginning of the Iran conflict, noted the bank.
On policy rate convergence alone, National Bank still sees scope for "modest" appreciation against USTs down the curve this year.