Suddenly Hawkish Bank of Canada Ends QE, Moves Rate Hikes Forward. 1-Year and 2-Year Yields Spike Following its policy meeting today, the Bank of Canada announced that it would end QE outright beginning November 1. And – unexpected by economists – it moved rate hikes closer, with April 2022 now showing up as the expected date of a liftoff, up from the second half in 2022, with four rate hikes expected next year. In response, the Canada 2-year yield spiked by 21 basis points, to 1.08%, having more than doubled over the past four weeks. The 1-year yield spiked by 19 basis points today to 0.72%, having nearly tripled over the past five weeks: