This & That: May 17, 2023

  • 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.S. 5-year. Thank you, CPI.  
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