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Daily Market Commentary

After being deluged with a budget awash with cash (from the conservatives no less), it is almost no surprise to see Canada's inflationary data come in much higher than expected.  CPI blew away expectations sending the CAD$ rocketing higher.  5 month Bankers Acceptance futures are trading 15 cents lower than a week ago, almost eliminating the probability of a rate cut in Canada before the end of the summer (see chart in Daily FI snapshot)
  The Fed starts their two day meeting today as well, the number almost certain to remain at 5.25%, but of course it's the commentary we're interested in.  The decisions and accompanying comments will be released tomorrow at 2:15pm
Bonds are hovering around unchanged as housing starts came in stronger than expected for February.  The yield curve is steepening somewhat 30yr - 5yr, although still inverted from O/N to 5 yrs.  We seem to be regaining some direction of our own, but are still trading in reaction to the equity markets.

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