Yields are down as the relatively revved-up enthusiasm of the markets settles back to an idle. Investors are waiting to hear what the U.S. Fed, the Bank of England and the European Central Bank are going to do. The U.S. FOMC is in the first day of its 2-day July meeting. The BoE and ECB will make policy announcements on Thursday.
Data today: Canada’s GDP grew by a meager 0.1% in May, falling short of expectations and well off the 0.3% increase in April. The May figure puts Q2 GDP on track for sub 2.0% growth.
In the U.S., the Case-Shiller Home Price Index shows prices increased 2.2% in May, compared to April, the second consecutive increase after six months of declines. Y/Y the index is down 0.7%.
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