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On a US Holiday

There are a couple of things to note: 1. If the BCE deal is not going to happen, existing bond holders stand to benefit from less supply and a higher credit rating.; 2.The chartered banks lowered a series of mortgage rates, no doubt in response to some serious moral suasion following the increase in mortgage purchases by CMHC. The spread between 5 year mortgages and 5 year Canadas remains inordinately wide and thus there is lots of room for further cuts in mortgage rates as credit thaws and as the Bank Rate comes down further.

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