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The Canadian bond market remained range bound during March. Bond prices and yields were little changed as investors tried to divine the long term implications of the Russian annexation of Crimea and potential rate increases by the U.S. Federal Reserve. Discerning underlying economic growth remained challenging as data continued to be affected by the severe weather of this winter. The FTSE TMX Canada Universe Bond index returned -0.19% in March, resulting in a gain of +2.77% for the first three months of the year. Long term bonds did especially well in the quarter, earning +5.12% and roughly matching equity market returns in both Canada and the U.S.
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