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Market Commentary

Bond prices continue to attract the so-called "safe haven" bid as the US 10 year has dipped below 4.50%. It has also slipped below the yield on the two year note, reflecting the market's view that there is a 92% chance of a cut in the Fed Funds Rate , up from zero a scant month ago.


 Meanwhile, the Bank of Canada will deliver its interest rate decision tomorrow and the yawns you hear are from the universe of  market mavens who are expecting no change.


On tap later this morning is the US ISM non-manufacturing index which is expected to fall slightly. The Canadian Ivey Purchasing Managers Index also comes out this morning and should show a sharp rise.


 The market will also have to brace itself for the next round of employment news on Friday.


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