Canada's 10-year yield has barely moved even as Brent crude broke above $100 a barrel this week after the US destroyed five Iranian tankers and Iran struck a Jordan base and ships near Hormuz. Fed hike odds for next week's decision jumped to roughly 60% from 40% a week earlier, an unusual case of a rate hike being priced off an energy shock rather than growth data. The bond market's near-silence suggests it has not yet decided which story to believe.
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