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Happy Friday

Bond prices continue to move lower ahead of next week's Open Market Committee Meeting of the Federal Reserve Board.

 Some hawks are even suggesting that the Fed may push the Fed Funds rate up by 50 basis points.

 I am not in that camp as I believe that the Fed is in danger of overshooting on the upside and that the US economy is in transition to a slower growth path.

 The Bank of Canada's Governor Dodge took great pains this week to tell the market that, despite a very strong employment report, a jump in the CPI and a strong retail sales number, that he did not think that these were trends necessarily. This helped to calm markets, although I note that two year yields have now moved comfortably above the Bank Rate.


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