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Market commentary

The yield curve steepened further with short term yields falling sharply putting two year Canadas at 1.86%,presaging further rate cuts from the Bank of Canada.

 LIBOR has stalled its descent but is still down over 200 basis points in the past month.
In a further sign of thawing, the US corporate bond market saw spreads on investment grade corporates widen to record 618 basis points over Treasurys. Several high quality issuers such as IBM issued bonds and saw their spreads narrow sharply as investors snapped the bonds up.

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