To IMF or not to IMF, that is the question

To IMF or not to IMF, that is the question that is still creating uncertainty with Greece and weighing on their debt market and raising the cost of money for them. After a German government official said yesterday that Greece should go to the IMF, the German finance minister today said he’s wary of going down that road. Greek 10 yr bond yields are rising another 7 bps to a 3 week high and 5 yr CDS are wider by another 20 bps to 330 bps. The US$ is higher vs the euro in response. In contrast, the US$ is again near parity vs the Canadian $ after Feb CPI in Canada rose more than expected both at the headline level and core. Canada has kept their benchmark rate at .25% and said they will likely hold them there until June but the pressure is growing on them to hike. With quadruple witch expiration and the quarterly S&P rebalancing today, volume will finally be brought to the marketplace, at least for a day.

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