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Brookfield Office Properties Inc. is a global office property company. The Company owns, manages, and develops premier assets in the resilient markets. The Company's signature properties define the skylines of dynamic cities around the globe, including New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, London, Berlin, Sydney and Perth. From Brookfield Places in New York City... see more

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Brookfield Office Properties Inc > Lower Interest Rate Anticipation in Canada

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Post by pierrelebel on Jun 04, 2024 5:39pm

Lower Interest Rate Anticipation in Canada

In the last week Canafa 5 year bond rate has gone down from 3.8% to 3.5%. That is a very substantial drop in anticipation of a rate cut by the Bank of Canada tomorrow, June 5th.

Looking forward to the announcement tomorrow morning.

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Comment by Carena on Jun 04, 2024 6:01pm

Hi Pierre, I am also looking forward to watching the bond and currency market. There is more chatter that the U.S. economy is starting to turn over and the stock market is starting to anticipate an economic slowdown. So maybe Canada is just the leading indicator and not an outlier. These last 7 months of 2024 are going to be interesting to watch. I don't have a ton ...more

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Comment by pierrelebel on Jun 04, 2024 6:40pm

Hi Carena - "2024 has been my least active year in a long time, in terms of adjusting my portfolio positions." Same for us. So far in 2024 we only have six sale transactions in five months. The broker is not making money with us!

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Comment by SONOFFERGUS on Jun 05, 2024 11:43am

Hi Pierre. Huge move. Will be interesting to see how the yield curve evolves from here. It's a long way to go to get an upward-sloping curve with GoC5 3.40%ish, BoC letting its bond portfolio run off and US curve so much higher than ours. If we get to say 4% policy rate by the end of the year, where will GoC5 be? My guess is not far from where we are now. Could ...more

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Comment by pierrelebel on Jun 05, 2024 12:04pm

Good morning SONOFFERGUS. "Huge move. " Yes it has been a HUGE move in Canada 5 year bond yield - from 3.81% last Thursday morning (May 30) to 3.41% this morning. More than most expected. ".... by the end of the year, where will GoC5 be?" As stated a few months ago when trying to anticipate the value of "A" vs "T", I still project a Canada 5& ...more

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Comment by SONOFFERGUS on Jun 05, 2024 1:29pm

I was frankly surprised at the violence of the move given that a cut either today or in July should have been baked in the cake. Also surprised that bond-proxy equities haven't taken off -- the cut was expected by equities but not bonds? Oh Mr. Market. Again, great move on the Ts. Yes, interesting to consider a move to the higher-quality (in terms of fixed spreads and ...more

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