The rate trend is still up, for now

Uncertainty is usually the most extreme just before and after rate market peaks. That's when volatility rules.

Monday was no exception. Canada's 5-year yield bounced 18 bps after Fed officials reassured that the U.S. banking system is "sound and resilient" with "strong capital and liquidity."

That leaves the uptrend in rates still intact, despite traders trying to slice through it last week.

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