* Rate alert: Be careful with floating those rate holds on fixed mortgages. The 4-year swap—a preferred fixed-rate funding gauge (chart above)—closed at over a 2-month high today. This is a made-in-Canada move. Our 5-year yield is up 30 bps this week versus just 14 bps for the U.
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Last spring, MLN broke the news that Tangerine had entered the broker market. Since then, things haven't evolved quite as planned.
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Macklem and company won't love this number. Canadian inflation has surprised to the upside at 4.4% in April. The market expected 4.1%.
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* Trigger risk fades: Of the 1 in 3 mortgages with floating rates, about 75-80% have fixed payments, and about "three-quarters" of fixed-payment variables have hit their trigger rate, estimates Desjardins Economics. The BoC's pause has eased trigger rate concerns, but if rates do resume higher "
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