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For the third year in a row, economic optimism experienced in the first three months of the year faded as second quarter data indicated slower growth. This year, the Canadian and U.S. bond markets rallied strongly in the first week of April in response to weak labour market news. Bonds held those gains over the balance of the month as economic growth appeared to slow, particularly in the United States. As well, dovish remarks from the central banks reinforced investors’ expectations that short term interest rates would not rise for the foreseeable future. The DEX Universe Bond index gained 1.14% in April.
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