The Open Outcry

Canada’s data is improving, but the outlook remains anything but clear. Jason Daw, head of North American rates strategy for RBC Capital Markets, joins Bipan to discuss what choppy growth, sticky policy uncertainty and a structurally stronger U.S. economy mean for the Bank of Canada, the Fed and cross-market rates. This podcast was recorded on July 7, 2026. Disclaimers: This podcast is for informa...

With the USMCA review approaching a key milestone, major questions remain unanswered. Bipan Rai and TD Cowen's Chris Krueger explore the trade, tariff and political dynamics driving Canada-U.S. relations, and what investors should watch as negotiations inch forward. This podcast was recorded on June 23, 2026. Disclaimers: This podcast is for informational or educational purposes only. No part...

Oil is high, volatility is low, and the Canadian dollar isn't behaving the way investors might expect. Bipan Rai welcomes Shaun Osborne, Chief Currency Strategist at Scotiabank, to discuss the forces driving USD/CAD, the outlook for global currencies, and why the next big move in foreign exchange may be hiding in plain sight. This podcast was recorded on June 8, 2026. Disclaimers: This podcast...

Why are pensions, insurers and family offices increasingly turning to ETFs—not just tactically, but at the core of portfolio construction? Bipan Rai sits down with Daniel Stanley, head of institutional sales and services at BMO Global Asset Management, to discuss liquidity, “portable alpha”, fixed income ETFs and how institutions are reshaping the active-versus-passive debate. This podcast was rec...

Canadian investors are facing a complicated macro setup: a softer labour market, sticky inflation risks, tariff uncertaintyand a bond market still trying to price the Bank of Canada’s next move. In this episode, Bipan is joined by TD Securities’ Andrew Kelvin to unpack what the latest data means for portfolios, discuss the rates outlook, yield curve, fixed income currency risk and more. This podca...

The federal deficit came in better than expected for fiscal 2025-26, but the path forward remains wide. Robert Kavcic,senior economist with BMO Capital Markets joins Bipan to break down the 2026 Spring Economic Update, including how Ottawa used its extra fiscal room, what the new sovereign wealth fund could mean in practice, and how Canada's fiscal position stacks up against its G7 peers. This...

Private credit is under pressure—but how concerned should investors be? Bipan is joined by Mark Jarosz, head of credit alternatives at BMO Global Asset Management, to break down default data, liquidity and retail flows. They explore why institutional capital remains steady, how today’s market differs from the Global Financial Crisis, and what’s actually driving volatility beneath the headlines. Th...

From energy shocks and bond market tension to the surprising behaviour of gold and global equities, Bipan is joined by Brent Joyce, chief investment strategist for BMO Private Wealth to explore how investors can stay grounded when markets are moving seemingly minute-by-minute. The pair discuss how disciplined portfolio construction beats reactive decisions, carrying investors through the uncertain...

The Iran energy crisis will have an uneven impact on an already fragile Canadian economy. Royce Mendes, head of macro strategy at Desjardins Capital Markets, joins Bipan to discuss where risks are most acute, and how central bank policymakers may respond. This podcast was recorded live on Tuesday, March 24, 2026. Disclaimers: This podcast is for informational or educational purposes only. No part...

After a muted initial reaction to the U.S.-Israel strikes on Iran and risk that the conflict may rapidly widen, energy markets have started pricing in darker scenarios. In this episode, Bipan is joined by TD Securities commodities strategist Daniel Ghali, where the pair discuss the extent to which crude prices may rise further, as well as implications for the broader global commodities complex. Th...

With the US market continuing to draw investor attention, Bipan surveys the current state of play, covering what thelatest US data means for Fed policy and positioning, why AI's productivity gains may benefit a narrow set of market participants rather than the broader economy, and where he sees hedging opportunities in the US dollar moving forward. This podcast was recorded live on February 18...

Two simmering forces have helped drive historic swings in gold and silver prices in recent weeks: further erosion in the U.S. dollar’s global reserve currency status, as well as a shift among several governments to prioritize the stockpiling of resources and industrial production. Bipan is joined by Daniel Ghali, senior commodity strategist at TD Securities, to discuss the outlook for the precious...

Gold’s surge past $5,000 (U.S.) an ounce amid policy rate pauses from both the Federal Reserve and Bank of Canada have given macroeconomic watchers much to discuss. Bipan is joined by RBC Capital Markets’ Jason Daw to talk about what they expect for yields, term premia, trade risks and more. This podcast was record live on January 29, 2026. Disclaimers: This podcast is for informational or educati...

The new year has begun with no shortage of fireworks for bond investors, with multiple geopolitical shocks confronting credit markets. Bipan is joined by Vishang Chawla, active fixed income portfolio manager at BMO Global Asset Management, to discuss how credit markets are responding, and what could drive yields as well as allocation decisions over the balance of 2026. This podcast was recorded li...

A variety of factors, from positive correlations between stocks and bonds to improving access via new products and fund structures, have made alternative asset classes increasingly important considerations in allocation decisions. John de Goey, author and portfolio manager at Designed Wealth Management, joins Bipan to discuss his approach to alternatives, and the future of alts in Canadian portfol...

With attention turning toward capital allocation decisions for next year, Bipan is joined by BMO Global Asset Management CIO Sadiq Adatia to examine key themes poised to shape financial markets, as well as sectors and geographies that could benefit from a constructive macro backdrop or specific strengths. This podcast was recorded live on December 11, 2025. Disclaimers: This podcast is for informa...

With the final weeks of trading for 2025 underway, Bipan surveys some key data points shaping markets through year-end and into 2026, while diving into two sectors with tailwinds that could benefit investors through next year. This podcast was recorded live on December 1, 2025. Disclaimers: This podcast is for informational or educational purposes only and does not provide investment advice or rec...

Hundreds of billions of dollars have been allocated to building out compute capacity in recent months—with hundreds of billions more to come next year. Bipan is joined by Malcolm White, BMO Global Asset Management portfolio manager to discuss sector expectations for 2026 and beyond. This podcast was record live on November 25, 2025. Disclaimers: This podcast is for informational or educational pur...

The AI capex boom is helping spur equity valuations higher, but prompting worries about a potentially painful market correction. Brent Joyce of BMO Private Wealth joins Bipan to discuss why this cycle truly is different, as well as the outlook for earnings through next year. This podcast was recorded live on October 23, 2025. Disclaimers: This podcast is for informational or educational purposes o...

Former Bank of Canada Governor Stephen Poloz joins Bipan to discuss the implications of the fourth industrial revolution now underway, and how Canadian policymakers can respond to seismic shifts to the economy. This podcast was recorded live on October 16, 2025. Disclaimers: This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. Th...

A surprisingly hardline stance from Beijing on rare earths exports combined with Trump’s renewed threat of steep import tariffs has swiftly thrust global trade tensions back to the forefront for markets. TD Cowen’s Chris Krueger joins Bipan to discuss where the trade war could go from here—amid an ongoing U.S. government shutdown that may last for weeks or more. This podcast was recorded live on O...

Central banks have been the biggest source of demand for bullion in recent years, however, that is shifting as new entrants alter the balance of power. Daniel Ghali of TD Securities joins Bipan to discuss current market dynamics, as well as the outlook for silver and copper. This episode was recorded live on September 30, 2025. Disclaimers: This podcast is for informational or educational purposes...

Slack is building in multiple areas of the Canadian economy, while immigration trends that were supporting growth are now reversing. Robert Kavcic, senior economist with BMO Capital Markets joins Bipan to explore the macro themes impacting inflation, the housing market and broader economic backdrop now through next year. This podcast was recorded live on September 22, 2025. Disclaimers: This podca...

Central bank policy decisions amid mixed economic data loom large over North American credit markets this fall. Vishang Chawla, portfolio manager, active fixed income, joins Bipan to discuss key differences between Canadian and U.S. investment-grade and high yield bond market dynamics, and how slowing growth and inflation risks are affecting each. This podcast was recorded live on September 9, 202...

The early autumn has been accompanied in recent years by broad market weakness and heightened volatility, and this September appears to be no exception. Bipan looks at what’s driving the phenomenon, as well as other macro factors currently impacting financial markets. This episode was recorded live on September 2, 2025. Disclaimers: This podcast is for informational or educational purposes only an...