I think the market understands everything better than some media reports. Canada's two-year bond yield has remained unchanged since just before the release of GDP estimates. They have outperformed on the US front end, with strong US data, including a positive surprise in the Employment Cost Index, driving higher two-year returns. This was the largest repeat increase in house prices. It's been a month since May , extending his winning streak to 6 months. U.S. consumer confidence also beat expectations, including his slightly higher inflation expectations for the year. The USD recovered after all the US data on a DXY basis, which was the main reason why the Canadian dollar fell after the combined US and Canadian data.