BMO Views from the North

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BMO’s Canadian Rates Strategist, Ben Reitzes hosts roundtable discussions offering perspectives from strategy, sales and trading on the Canadian rates market and the macro economy. To listen to more great episodes visit http://bmocm.com/ViewsFromTheNorth For legal disclosure, visit http://bmocm.com/macrohorizons/legal

BMO Capital Markets


    • Apr 24, 2025 LATEST EPISODE
    • every other week NEW EPISODES
    • 28m AVG DURATION
    • 85 EPISODES


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    Latest episodes from BMO Views from the North

    Won't Get Fooled Again

    Play Episode Listen Later Apr 24, 2025 30:16


    In this episode, Adam Whitlam, part of BMO's Canadian institutional fixed income sales team, joins me to discuss the ongoing tariff drama, last week's Bank of Canada decision to pause and whether more rate cuts are coming, how uncertainty is impacting investors, and his favourite trade ideas. As always, all feedback is welcome.  

    A Brave New World

    Play Episode Listen Later Apr 3, 2025 26:34


    In this episode, Manmit Pandori, head of tactical and accrual trading at BMO, joins me to discuss President Trump's tariff announcement, the financial market reaction, how the macro backdrop might unfold, and how he is managing risk in this highly volatile and uncertain world. As always, all feedback is welcome. 

    Consequences

    Play Episode Listen Later Mar 20, 2025 34:09


    In this episode, Jeff Oland, part of BMO's Government of Canada bond trading team, joins me to discuss this week's hot CPI report and whether everyone (including the Bank of Canada) has inflation wrong, how fiscal policy could evolve over the coming year, the outlook for interest rates and opportunities in the bond market. As always, all feedback is welcome. 

    Cutting Through the Noise

    Play Episode Listen Later Feb 27, 2025 27:44


    In this episode, Chris D'Onofrio, one of BMO's Canadian dollar swap traders, joins me to discuss the on again/off again tariff threats, swap spreads, the upcoming Bank of Canada policy announcement, and his favourite trades. As always, all feedback is welcome.

    Much Ado About Tariffs

    Play Episode Listen Later Feb 6, 2025 25:04


    In this episode, Darren Campbell, BMO's head of FICC Investor Sales Canada, joins me to discuss the wild events of the past week, how tariffs could evolve, and what it could mean for the Bank of Canada. As always, all feedback is welcome.

    Positively Politics, Featuring the Honourable Scott Brison

    Play Episode Listen Later Jan 23, 2025 50:36


    In this episode, the Honourable Scott Brison, BMO Vice-Chair and a former Member of Parliament, joins me to discuss Canada's political backdrop. Scott outlines the current state of the government amid President Trump's tariff threats, his experiences with some of Canada's key political figures ahead of what could be a spring election, and what's needed to improve persistently weak productivity. Following the interview with Mr. Brison, I provide a quick take on my expectations for next week's Bank of Canada policy announcement, and my favourite trade ideas. As always, all feedback is welcome.   Episode Timecodes: 00:00 - Introduction 01:02 - Interview with the Honourable Scott Brison 42:39 - Preview of next week's Bank of Canada's policy decision

    Welcome to 2025

    Play Episode Listen Later Jan 9, 2025 29:54


    In this episode, Andrew Wallace, part of BMO's Government of Canada bond trading team, joins me to discuss what he's focusing on in the coming year, the extreme cross-market richness of GoCs and when the tide could turn, and opportunities in the bond market. As always, all feedback is welcome.  

    Cross-Border Quarters

    Play Episode Listen Later Dec 5, 2024 32:02


    In this episode, Matthew Baird, part of BMO's institutional fixed income sales team in Vancouver, joins me to discuss what to expect from next week's Bank of Canada policy announcement, the North American fiscal backdrop, the outlook for 2025, and our favourites trades as we head into the New Year. As always, all feedback is welcome.

    What Trump 2.0 Means for Canada

    Play Episode Listen Later Nov 14, 2024 26:14


    In this episode, Douglas Porter, BMO's Chief Economist, joins me to discuss how President-elect Trump's return to the White House could impact the Canadian economy, the outlook for the Bank of Canada, interest rates and the Canadian dollar as we head into an uncertain 2025. As always, all feedback is welcome.

    Veni, Vidi, Fifty

    Play Episode Listen Later Oct 24, 2024 30:57


    In this episode, Joel Prussky, BMO's OIS and cross-currency trader, joins me to break down this week's 50 bp rate cut from the Bank of Canada, whether more super-sized cuts should be expected, the extent of Canada-US policy divergence, and views on the market as we head toward year-end. As always, all feedback is welcome.

    That's Not a Cut, This Is a Cut

    Play Episode Listen Later Oct 3, 2024 26:50


    In this episode, Adam Whitlam, part of BMO's Canadian institutional fixed income sales team, joins me to discuss the impact of the latest GDP figures on the outlook for Bank of Canada, the coming changes to mortgage insurance regulations, investors' views on duration, why provincial spreads look attractive, and our favourite trade ideas. As always, all feedback is welcome.

    Terminal! Terminal! Terminal!

    Play Episode Listen Later Sep 12, 2024 33:44


    In this episode, Chris D'Onofrio, one of BMO's Canadian dollar swap traders, joins me to discuss last week's Bank of Canada rate cut, terminal rates and where markets might be mispricing the outlook for monetary policy, and whether swap spreads will remain under pressure. As always, all feedback is welcome.

    Back to School, Back to Work

    Play Episode Listen Later Aug 29, 2024 19:43


    With the kids heading back to school, while we just keep on working, I'm joined by Sam Buckley, Head of BMO's Government of Canada trading desk, to discuss what to expect at next week's Bank of Canada policy announcement, his thoughts on the yield curve, and opportunities for the rest of 2024. As always, feedback is welcome.

    Keep It Simple

    Play Episode Listen Later Aug 1, 2024 26:44


    In this episode, Darren Campbell, BMO's head of FICC Investor Sales Canada, joins me to discuss the path for the Bank of Canada and Federal Reserve, where terminal might be and how that could impact the yield curve, and provincial credit spreads. As always, all feedback is welcome.

    The Squeeze

    Play Episode Listen Later Jun 27, 2024 28:32


    In this episode, Adam Whitlam, part of BMO's Canadian institutional fixed income sales team, joins me to discuss the surprisingly firm May inflation figures, the impact on the Bank of Canada, and the global financial market backdrop. As always, all feedback is welcome.

    One Down, Two to Go?

    Play Episode Listen Later Jun 13, 2024 31:57


    In this episode, Joel Prussky, BMO's OIS and cross-currency traders, joins me to discuss last week's Bank of Canada 25 bp rate cut, the potential extent of BoC/Fed divergence and how that could impact the C$, and cross-currency market dynamics and opportunities. As always, all feedback is welcome.

    It's Cuttin' Time!

    Play Episode Listen Later May 23, 2024 28:28


    In this episode, Chris D'Onofrio, one of BMO's Canadian dollar swap traders, joins me to discuss our expectations for the June Bank of Canada policy announcement, the takeaways from our recent marketing trip to London, and structural flows that continue to drive the rates market. As always, all feedback is welcome.  

    A Different Perspective

    Play Episode Listen Later May 9, 2024 29:05


    In a first for Views from the North, I had the pleasure of speaking with TJ Sutter, Co-Head & Macro Portfolio Manager, Fixed Income, at CCL Investment Management. We discuss his process when evaluating markets, views on the state of the economy and markets, and where potential opportunities might lie. As always, all feedback is welcome.  

    Budget Bingo: Winners and Losers

    Play Episode Listen Later Apr 18, 2024 35:09


    This week Robert Kavcic, a Senior Economist from the BMO Economics team, Fred Nastos, Head of Government Spread Trading and Adam Whitlam from our Canada institutional sales desk, join me to share their thoughts on the provincial & federal budgets, the potential impact of policy measures on markets, how the Bank of Canada outlook changes, and their latest market insights. As always, all feedback is welcome.  

    Decidedly Undecided

    Play Episode Listen Later Apr 4, 2024 27:22


    In this episode, Jeff Oland, part of BMO's Government of Canada bond trading team, joins me to discuss next week's Bank of Canada policy announcement, the recent sell off in rates, broader economic backdrop, and uncertainty weighing on markets. As always, all feedback is welcome.  

    Nobody Said It Was Easy

    Play Episode Listen Later Mar 14, 2024 23:22


    In this episode, Darren Campbell, BMO's head of FICC investor sales Canada, joins me to discuss the lack of conviction keeping the rates market constrained, last week's Bank of Canada policy decision, the ramifications from provincial budget season, and how RRBs aren't dead. As always, all feedback is welcome.  

    Just Be Long

    Play Episode Listen Later Feb 15, 2024 25:09


    In this episode, Adam Whitlam, part of BMO's Canadian institutional fixed income sales team, joins me to discuss the current state of the rates market following the wild swings in recent weeks, his views on credit markets, potentially impactful market events over the next month and his favourite trade ideas. As always, all feedback is welcome.

    Hopeful on Housing

    Play Episode Listen Later Feb 1, 2024 25:03


    In this episode Robert Kavcic, a Senior Economist from the BMO Economics team, joins me to share his insights on the outlook for the Canadian housing market, reaction to last week's Bank of Canada policy announcement, and his thoughts on the upcoming provincial budget season. As always, all feedback is welcome.

    Not So Fast

    Play Episode Listen Later Jan 18, 2024 22:36


    In this episode, Joel Prussky, BMO's OIS and cross-currency traders, joins me to discuss next week's Bank of Canada policy announcement, how this week's inflation and Business Outlook Survey impact policymakers, when the first cut might come, and his favourite trade ideas. As always, all feedback is welcome.

    Too Far, Too Fast?

    Play Episode Listen Later Nov 30, 2023 33:00


    In this episode, Jeff Oland, part of BMO's Government of Canada bond trading team, joins me to discuss next week's Bank of Canada policy announcement, the December index extensions, what to look for in 2024, and his favourite trade ideas. As always, all feedback welcome.

    Who to Believe?

    Play Episode Listen Later Nov 16, 2023 22:11


    In this episode, Darren Campbell, BMO's head of FICC investor sales Canada, joins me to discuss the ongoing volatility in fixed income markets, what risk assets are telling us, whether central bank are really done with hikes and his favourite trade ideas as we head into calendar year end. As always, all feedback welcome.

    The Canadian Conundrum

    Play Episode Listen Later Nov 2, 2023 21:10


    In this episode, Doug Porter, BMO's Chief Economist, joins me to discuss last week's Bank of Canada decision to stay on hold, his upcoming piece on Canadian productivity, along with the potential financial implications. As always, all feedback welcome.

    It's Finally Over

    Play Episode Listen Later Oct 19, 2023 26:08


    In this episode, Joel Prussky, BMO's OIS and cross-currency trader, joins me to discuss next week's Bank of Canada policy announcement and the likely end of rate hikes, the macro backdrop and why the economic outlook is very subdued. As always, all feedback welcome.

    Carnage

    Play Episode Listen Later Sep 28, 2023 29:36


    In this episode, Adam Whitlam, part of the Toronto-based fixed income sales team, joins me to discuss the carnage in the rates market, my takeaways from visits to NYC and Tokyo, the latest twist in the CMB saga and the outlook for central banks & interest rates. As always, all feedback welcome.

    Fiscal Worries and the End of Rate Hikes?

    Play Episode Listen Later Aug 31, 2023 24:55


    In this episode, Jeff Oland, part of BMO's Government of Canada bond trading team, joins me for the first time to discuss next week's Bank of Canada policy announcement, the impact of fiscal policy, and his favourite trade ideas. As always, all feedback welcome.

    Not Convinced on Cuts

    Play Episode Listen Later Jul 20, 2023 37:11


    In this episode, Dave Moore, part of BMO's London-based fixed income sales team, joins me to discuss last week's Bank of Canada rate hike, global inflation trends, and whether the recent data moves the needle for central banks to tone down their hawkishness, and his favourite trade ideas. As always, all feedback welcome.

    A 50/50 Proposition

    Play Episode Listen Later Jul 6, 2023 25:22


    In this episode, Adam Whitlam, part of the Toronto-based fixed income sales team, joins me to discuss the outlook for next week's Bank of Canada policy announcement, the recent back up in interest rates, whether provincial spreads have tightened too far, and his favourite trade ideas. As always, all feedback welcome.

    More to Come

    Play Episode Listen Later Jun 22, 2023 25:08


    In this episode, Sam Buckley, Head of BMO's Government of Canada trading desk, joins me to discuss the Bank of Canada's latest rate hike and how much more we can expect, the extreme inversion in the Canadian yield curve, how the second half of the year could evolve and his favourite trade ideas. As always, feedback is welcome.

    Hikes Back on the Table

    Play Episode Listen Later Jun 1, 2023 28:53


    In this episode, Joel Prussky, BMO's OIS and cross-currency trader, joins me to discuss next week's Bank of Canada meeting and whether we should be expecting a rate hike, some big picture macro thoughts, and his favourite trade ideas. As always, all feedback welcome.

    Lay of the Land

    Play Episode Listen Later May 11, 2023 20:28


    In this episode, Darren Campbell, BMO's head of FICC investor sales Canada, joins me from to discuss the takeaways from our Government, Reserve & Asset Managers Conference, what's next for the Bank of Canada, market trends heading into the June 1 coupon flows & index extension, and whether it's time to put the steepener on. As always, all feedback welcome.

    Tough Talk

    Play Episode Listen Later Apr 27, 2023 24:33


    In this episode, Chris D'Onofrio, a trader on BMO's Canadian swap trading desk, joins me to discuss the outlook for monetary policy after the recent Bank of Canada minutes, swap spreads, an update on the shift from CDOR to CORRA, and his favourite trade ideas. As always, feedback is welcome.

    Has Housing Bottomed?

    Play Episode Listen Later Apr 6, 2023 23:59


    In this episode, Robert Kavcic, a Senior Economist from the BMO Economics team, joins me to share his insights on whether the Canadian housing market has bottomed, what we should expect from the Bank of Canada next week, and his thoughts following provincial budget season. As always, all feedback welcome.

    CMBs: More Questions Than Answers

    Play Episode Listen Later Mar 30, 2023 28:31


    In this episode, Fred Nastos, Head of Canadian Government Spread Trading, and Trina Reid, Head of CMB Mortgage Aggregation Funding, join me to discuss the Federal Government's announcement that they will be reviewing the Canada Mortgage Bond program with an eye toward folding it into regular Government of Canada borrowing. As always, all feedback welcome.

    The Weakest Link

    Play Episode Listen Later Mar 16, 2023 22:10


    In this episode, Furaz Ahmad, who covers the financial sector as part of BMO's corporate debt strategy team, joins me to unpack the stress on the global financial system, which is driving market volatility, and assess any potential impact on Canada. As always, all feedback welcome.

    Two-Faced Data

    Play Episode Listen Later Mar 1, 2023 22:18


    In this episode, Adam Whitlam, part of the Toronto-based fixed income sales team, joins me to discuss the outlook for next week's Bank of Canada policy announcement, the latest swings in the data, whether provincial spreads have tightened too far, and his favourite trade ideas. As always, all feedback welcome.

    Pause-itive Thinking

    Play Episode Listen Later Feb 2, 2023 20:31


    In this episode, Joel Prussky, BMO's OIS and cross-currency trader, joins me to discuss last week's Bank of Canada 25 bp rate hike, their conditional pause, how Wednesday's FOMC decision impacts the BoC, his thoughts on rates, and his favourite trade ideas. As always, all feedback welcome.

    One and Done?

    Play Episode Listen Later Jan 19, 2023 19:41


    This week, Sam Buckley, Head of BMO's Government of Canada trading desk, joins me to discuss next week's Bank of Canada policy announcement, his views on the vicious rally to start the year, where Canadian rates and the curve are headed, and his favourite trade ideas. As always, all feedback welcome.

    Talking Terminal

    Play Episode Listen Later Dec 1, 2022 24:10


    In this episode, Chris D'Onofrio, a recent addition to BMO's Canada swap trading desk, joins me to discuss next week's Bank of Canada policy announcement, where he sees rates and the curve heading, the coming shift to CORRA and his favourite trade ideas. As always, all feedback welcome.

    Provincially Speaking

    Play Episode Listen Later Nov 24, 2022 25:28


    In this episode, Robert Kavcic, a senior economist from the BMO Economics team and, Jordan Sugar, BMO's provincial bond trader, join me to discuss the Provincial landscape. We cover the fundamental backdrop following the fall fiscal updates, and how the provincial bond market has been trading. Robert reveals his favourite provinces, and Jordan provides his top trade ideas with the early December index extension and coupon payments on deck. As always, all feedback welcome.

    Growth Worries Ramp Up

    Play Episode Listen Later Nov 3, 2022 34:32


    This week, Dave Moore, who recently moved back to London to join the fixed income sales team, joins me to discuss the reaction to last week's surprisingly smaller Bank of Canada rate hike among European-based investors, his views on volatility, Canada-US divergence, and favorite trade ideas. As always, all feedback welcome.

    Here Comes the Boom

    Play Episode Listen Later Oct 20, 2022 25:12


    In this episode, Adam Whitlam, part of the Toronto-based fixed income sales team, joins me to discuss the outlook for next week's Bank of Canada policy announcement, the risks to the economy, as well as his views on duration, provincial spreads and the market backdrop heading into bank year end. As always, all feedback welcome.

    WWJD

    Play Episode Listen Later Sep 15, 2022 24:28


    In this episode, Joel Prussky, BMO's OIS and cross-currency trader, joins me to discuss last week's Bank of Canada 75 bp rate hike, whether he's still bearish on duration, the outlook for CAN/US yield spreads, and his favourite trade ideas. As always, all feedback is welcome.

    Another Aggressive Hike Is Coming

    Play Episode Listen Later Sep 1, 2022 21:57


    In this episode, Sam Buckley, BMO's head of Canada rates trading, and, Darren Campbell, from BMO's rates sales desk, join me to discuss next week's Bank of Canada policy announcement, what's next for rates, where the Canada curve is heading, and their favourite trade ideas. As always, all feedback is welcome.

    House of Cards

    Play Episode Listen Later Jul 28, 2022 30:52


    In this episode, Robert Kavcic, a Senior Economist from the BMO Economics team, joins me for an update on his thoughts on the Canadian housing market amid aggressive Bank of Canada rate hikes, and his views on the economic and fiscal backdrop for the Canadian provinces. As always, all feedback is welcome.

    Crude Reality

    Play Episode Listen Later Jun 23, 2022 29:43


    This week, Paul Knobl, BMO's head of energy trading, joins me to discuss his views on energy markets, and to help make some sense of the wild volatility seen in recent days. I also discuss the latest Canadian CPI report, Bank of Canada, and broader rates backdrop. As always, all feedback welcome.

    The Central Bank Conundrum

    Play Episode Listen Later Jun 9, 2022 29:38


    This week, Adam Whitlam, part of the Toronto-based fixed income sales team, joins me to discuss the outlook for the Bank of Canada after last week's hawkish surprise, Canada-US cross-market spreads, and the risk backdrop amid huge volatility and broad uncertainty. As always, all feedback welcome.

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