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Following the outsized gains of January, the Canadian bond market consolidated in February. Bond prices initially moved higher, pushing yields to all-time record lows. However, prices subsequently fell and yields edged higher. Economic data was mixed, although slightly positive on balance. Central bankers, including the U.S. Federal Reserve, gave mixed messages, and the Bank of Canada, in particular, executed a monetary policy flip-flop. Factors which have had substantial impacts on bond markets in recent months appeared to stabilize in the month. Oil prices, for example, were little changed and the European debt crisis did not worsen. The FTSE TMX Canada Bond Universe returned -0.13% in the period. (more…)