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The Canadian bond market declined for the third consecutive month in December. Driving forces within the market included an interest rate increase by the U.S. central bank, the Federal Reserve, and speculation the European Central Bank would eventually wind down its quantitative easing programme. In addition, the U.S. presidential transition continued to roil bond markets because of the anticipation for substantial fiscal stimulus, faster economic growth, and wider budget deficits. Bond yields rose and prices fell in the first half of the month before bargain hunting by some investors led to a partial recovery in the second half of the month. The FTSE TMX Canada Universe Bond index returned -0.50% in December. (more…)