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December was a seesaw month for the Canadian bond market. Bond prices fell and rallied back, fell again, and rallied once more to eventually finish higher than a month ago. As investors established their desired year end portfolio positions, trading volumes fell. As a consequence, liquidity was reduced and volatility increased, resulting in significant day-to-day price swings. Investor focus swung back and forth between favourable economic data in North America and concerns about slowing global growth, falling oil prices, a reappearance of the European sovereign debt crisis, and a collapse in the Russian ruble. The FTSE TMX Canada Bond Universe earned 0.56% in the month. (more…)