Yields barely reacted to the BoC and Fed leaving their policy rates frozen yesterday. Meanwhile, U.S. policy instability and global tensions loom like a bad sequel, muting risk appetite and keeping mortgage rates stuck in their lane.

With rate holds all but assured by both central banks, bond yields danced to the tune of global capital flows, which have become anything but normal.

White House theatrics, not economic data, pushed yields lower to start the week. Markets grappled with recycled tariff threats, another looming U.S. government shutdown, and the usual grab bag of global unease.

Yields start today on the back foot after Trump threatened "Governor Carney" with a 100% tariff if Canada “makes a deal” with China. Apparently, Trudeau isn’t the only prime minister Trump can diplomatically disrespect. Setting that circus aside, Friday’s subdued data releases did little to move