💡See also: Mortgage Tidbits (below). Wednesday barely left its fingerprints on Canadian yields. It was another day of negligible bond movement as markets: (A) await Friday's GDP and Core PCE, and (B) continue chewing on the Fed’s half-hearted indications of rate cuts.

💡See also: Mortgage Tidbits (below). The bond market kicked off the week with all the action of a library on Christmas Day. Canadian yields are essentially waiting for data that matters, and Friday is that day. We get both Canadian GDP and U.S. core PCE inflation, at least one

💡See also: Mortgage Tidbits (below). Last week's double rate cuts left North American 5-year yields unwilling to price in any further easing. Canada's 5-year managed a heroic slide of just 2 basis points, compared to the week before the cuts.

Reverberations from Wednesday's policy rate changes remain surprisingly muted, and the reason is simple: the macro road ahead is foggy, and central banks' headlines don't work. Policymakers have become slaves to data releases—even more so than usual. That could leave rates somewhat adrift until