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The Canadian bond market experienced a sharp decline in prices and rise in yields in the first half of September, but a rally in the second half of the month erased roughly half of the losses. In large part, the swings in the Canadian bond market closely followed those in the U.S. market. The early weakness appeared to be due to concerns that faster than expected U.S. economic growth would lead to earlier tightening of monetary policy by the U.S. Federal Reserve. However, weak global growth data in the second half of the month, combined with falling equity markets, caused bonds to rebound. The FTSE TMX Canada Universe Bond index returned -0.63% in the month. (more…)