Canada's 10-year government bond yield climbed to 3.75%, its highest level since May 2024, even though the Bank of Canada has held its policy rate steady for six consecutive meetings. The move tracks US Treasury yields, which rose on oil-driven inflation concern tied to the Strait of Hormuz conflict, since global investors price Canadian and US government debt off similar inflation expectations. Underneath that imported pressure, Canada's own economy sent a stronger signal: July employment rose by 75,100 and second-quarter GDP grew at an annualized 3.4%, both well above forecasts.
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