Wednesday afternoon's hot US July PCE inflation print, which came in above forecast, reversed four sessions of falling Canadian and US bond yields within hours. Gold and the Canadian dollar repriced sharply on the same surprise, while equity volatility barely moved, extending the anchoring pattern the VIX has shown through weeks of tariff and Iran-related headlines. The divergence shows Canadian long-duration yields currently tracking the US inflation path more closely than Canada's own tariff dispute.
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