The yield on the Canadian 10 year government bond has climbed above 3.47% over the past two days as firmer US inflation prints and stronger activity data pushed back the odds of near term policy easing and lifted long run real rates and inflation expectations, while political headlines about the Federal Reserve added short term volatility. Domestically, Canada's government is projected to surpass its previous record for debt issuance this fiscal year, driven by delayed budget announcements and potential new spending. Additionally, the Bank of Canada has maintained its policy interest rate at 2.75% since March, and while there is speculation about potential rate cuts, the central bank has not yet acted. Furthermore, the recent removal of retaliatory tariffs on US goods could be seen as a sign of collaboration, potentially reducing inflationary pressures and providing the Bank of Canada with more flexibility in its monetary policy.