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Contrary to our musings about stability developing a month ago, the Canadian bond market fluctuated significantly during July. Yields initially declined, but jumped higher following robust U.S. labour market data. They subsequently fell for the next two weeks before rising again. The Canadian market tended to follow the movements in the U.S. bond market, rather than reacting to Canadian economic fundamentals. In the United States, investors were primarily focused on the possible start date of the Federal Reserve tapering its monthly bond purchases. The DEX Universe bond index earned +0.19% in the month.
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