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The old proverb that “March comes in like a lion, goes out like a lamb” applied to the bond market this past month. In the first week of March bond prices plunged and yields moved sharply higher. The prices of 30-year Canada Bonds, for example, fell more than 6% in the first five days. Subsequently though, bond prices ground back, recovering much, if not all, of their earlier losses by the third week of the month. They then eased modestly into month end. The FTSE TMX Canada Universe returned -0.32% in the month. (more…)