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For much of February, Canadian bond yields drifted higher in reaction to better U.S. economic data. However, late in the month, Canadian bonds participated in a strong global bond rally which was sparked by Italian election results that renewed concerns about the European debt crisis. As well, the approach of the automatic U.S. federal spending cuts, known as the sequester, raised concerns about the U.S. economy faltering and that prompted a flight-to-safety bid for bonds. Canadian bond yields were also affected by weaker Canadian growth and robust international demand. The DEX Universe gained 1.00% in February.
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