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In late December, reduced liquidity contributed to Canadian bond prices moving sharply higher. In the first few days of this year, those gains were quickly reversed as bond prices moved back down to the levels of mid-December. Subsequent economic data reinforced the view that the recovery was accelerating from the summer doldrums. That information led to further declines in bond prices and increases in yields. However, late in the month, political and civil turmoil in Tunisia, Egypt, and other Arab countries caused a flight to safety bid for bonds, and they regained some of their earlier declines. The DEX Universe Bond index declined 0.44% in January.
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