(Bloomberg) -- Canada’s 2-year note yield surged more than 25 basis points to 1.13% after its central bank signaled the possibility of earlier rate hikes.

In a statement on Wednesday, policy makers led by Governor Tiff Macklem maintained their pledge not to raise the benchmark overnight policy rate until the recovery is complete, but officials now believe that will happen in the “middle quarters” of 2022, rather than the second half of next year as previously thought. 

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