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Canadian bonds were little changed in February following seesaw price action. In the first half of the month, bond prices corrected from the levels reached during the strong January rally and yields rose as investors discounted weaker than expected economic data that was thought due to severe winter weather. In the second half of the month, investors were less certain that winter storms were the sole cause for slower growth and bonds retraced their earlier losses. In addition, the geopolitical uncertainty regarding Ukraine caused a flight-to-safety bid to develop for bonds. The FTSE TMX Canada Universe Bond index (formerly the DEX Universe Bond index) returned 0.35% in the month.
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