Ian is joined this week by Paul Jenkin, and the duo kick-off the episode discussing their take of the FOMC meeting. The largest hike from the Fed since the mid-90s didn’t come entirely as expected, with a hawkish set of forecasts pitted against a dovish press conference. Paul discusses the reasons he expects policy rates to set higher than current market pricing, and what that means for bank portfolio behavior. The pair spend some time discussing asset-swap valuations, and what lower housing may mean for funding markets. Paul finishes the episode by providing his view on provincial spread valuations.