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The Canadian bond market experienced a see-saw month that saw small increases in yields and modest returns as interest income more than offset small price declines. Canadian yields rose sharply in early June and then trended lower in a noisy pattern the rest of the month. The rally in Canadian bonds appeared to be a reaction to slight softening of U.S. economic expectations, as well as a rally in Eurozone bonds spurred by speculation of quantitative easing by the European Central Bank and turmoil in Iraq. The FTSE TMX Canada Universe Bond index returned 0.25% in the month.
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