In Episode 79, Frank welcomes back his friend and colleague Chris Krueger, Head of Global Macro Research for TD Securities and an expert on Washington politics, to discuss the upcoming US Midterm elections in November. Before digging in on US politics, Frank and Chris work through some recent developments around the globe including the Iran Peace Deal, the Trump-Meloni dispute and Keir Starmer's resignation as Prime Minister of the UK. When the conversation switches to mid-terms, Chris educates our listeners on the math to control the House and Senate and suggests that the next leader of the Democratic Party is likely to emerge from state legislatures rather than chambers of government in Washington. Frank handicaps the Rubio-Vance sweepstakes for next Republican leader and believes that other horses will participate in the leadership race as well. The two finish up discussing the dispute over the opening of the Gordie Howe Bridge, IEEPA refunds and expectations for CUSMA negotiations.

This podcast was recorded on June 22, 2026

Chapter Headings

01:15 - The Iran Peace Deal

07:21 - Starmer Quits

15:40 - The Math for House and Senate

22:19 - Leading Candidates for Democrats

24:54 - Rubio vs Vance

28:04 - Dispute over Gordie Howe Bridge

32:04 - New US Tariffs Arrive as IEEPA Refunds Start

34:47 - Expectations for CUSMA

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Frank and Peter found heaven in the May episode of Geopolitics with the marriage of a live audience for Episode 78 before a Jays game at the Rogers Center and a special guest appearance in the second half of this podcast by former Toronto Blue Jays President Paul Beeston to talk baseball.  Frank covers a wide range of topics in the first 30 minutes including his view on the wars in Iran and Ukraine as well as Canadian hot button topics such as the upcoming CUSMA negotiations and the upcoming separation vote in Alberta.  He also takes a moment to remember the life of his friend Robert Irving from Moncton who passed away recently.  The conversation shifts to baseball where two kids in a candy store named McKenna and Haynes lined up to ask Beeston everything he knows about baseball including his view on the Jays in 2026 as well as the pending labor negotiations between players and owners.  Beeston offers his thoughts on the electronic review of everything in baseball, an outcome he would not support and finishes with some thoughts on 50 years with the Toronto Blue Jays organization.

01:10 - Remember Robert Irving

03:52 - Are We Nearing the End of the Wars in Iran and Ukraine?

15:33 - Global Investors Turn Bullish on Canada

21:44 - CUSMA Rhetoric

29:00 - Premier Smith's Dangerous Gamble on Sovereignty Vote

39:07 - Beeston's 50 Game Review of Blue Jays Season

47:34 - Can Major League Baseball Avoid a Strike?

54:38 - Beeston Says No to Review of Every Umpire Decision 

1:14:02 - Memories from 50 Years with the Blue Jays

This podcast was recorded on 05/25/26

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 77 covers a wide range of topics on the geopolitical landscape including the recent assassination attempt on President Trump, the implications on global energy markets of UAE's decision to exit OPEC and which person is leading Iran in negotiations with the United States. Frank discusses the stalemate and war of attrition that is the Russia-Ukraine conflict, which is a win for Ukraine and the impact on populist governments of the shocking defeat by authoritarian leader Victor Orban in Hungary. The conversation turns to Canada where Frank discusses Carney's back door into a majority and how it will change calculus for the Liberal leader's policymaking and CUSMA negotiation strategy. He finishes with analysis of Prime Minister Carney's recent announcements of a new Sovereign Wealth Fund and an upcoming Federal Government-led global investment Summit planned for Toronto in September, both positive developments for Canada.

This podcast was recorded on April 28, 2026

Chapter Headings

00:48 - President Trump Assassination Attempt

05:58 - Who is Negotiating on Behalf of Iran?

11:25 - UAE Leaves OPEC

13:38 - Ukraine's Move to Back Pages Masks Recent War Successes

17:41 - What Orban's Loss Means for Populist Leaders?

30:35 - Carney Replies to Greer's Threats Ahead of CUSMA Talks

32:22 - Explaining Canada's New Sovereign Wealth Fund

36:46 - Recent Investment Wins for Carney Puts Approval Process in Spotlight

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In Episode 76, Frank ponders the potential outcomes of the War in Iran and its impact on other global geopolitical events. He believes that despite a wide bid-ask spread in peace negotiations between Iran and the US that the Trump Administration will find a peaceful end to hostilities in the near future. Complicating matters in this war are different goals for the two protagonists, The US and Israel, one of which has to live next door to a now angry Iranian regime. Frank is not surprised by Iran's tactics in the Strait of Hormuz, nor the lack of support for military escorts from NATO allies. One certainty is the impact of the war on energy prices and, in turn, broader inflation trends in the US is going to be negative for Trump and the Republicans at mid-term elections in November.  We finish the dialogue back home in Canada, where citizens of the Province of Alberta are expected to hold a vote on secession from Canada later this year, an unfortunate distraction for Albertans and Canadians at a time of so much other geopolitical noise. Despite this unwanted noise and limited likelihood of success in the first secession attempt, Canadians would be remiss if we simply ignored this Alberta secession vote as noise; just ask citizens of the UK who didn’t take Brexit seriously until it was too late.

This podcast was recorded on March 26, 2026

Chapter Headings:

01:47 - The Goal of War with Iran

08:18 - Narrowing the Bid-Ask Spread on Peace Negotiations

12:57 - Iran's Control of Strait of Hormuz

16:31 - Trump's Tries to Hold His Base

19:45 - The Future of NATO

27:19 - China's Quiet Positioning

35:05 - Higher Energy Prices – Impact on Mid-Terms

37:31 - Save America Act

43:11 - Alberta Secession Talk

55:57 - Frank's Two Favorite Words "Opening Day

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if Cuba became a territory of Canada? What if Justice Alito suddenly retired this summer? These are just two of Frank's more provocative thoughts in this month's episode of Geopolitics. Frank also addresses the "monumental" Supreme Court ruling on tariffs, Trump's pivot to Section 122 flat tariffs and Jameson Greer's suggestion that Canada needs to accept some tariff level as part of CUSMA negotiations, a point Frank pushes back on given it defeats the notion of a "free trade agreement." He also discusses the prospect of US military action in Iran, the latest on Venezuela and the possible revitalization of Keystone XL.

This podcast was recorded on February 26, 2026

Chapter Headings:

01:36 - Frank's Musings on Supreme Court Changes and a Solution for Cuba

10:39 - Supreme Court Ruling on IEEPA Tariffs and Trump's Pivot to 122

18:08 - Does Canada Have to Accept Tariffs in a renewed CUSMA?

23:52 - Trump's Plan to Replace Income Tax with Tariff Revenues

27:26 - Will Trump Attack Iran?

33:34 - The Latest in Venezuela

35:27 - South Bow Discusses Revitalizing Keystone XL

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Two weeks have passed since Frank last spoke to listeners. Since then, it has been chaos in global geopolitical circles, with Frank wondering whether some of this noise is meant to distract from issues the US Administration would prefer to take a back seat in the current news cycle. Trump's consistent musings about owning Greenland have become a major escalation of geopolitical risk, and Frank worries that it is at this juncture in cross-border disputes when mistakes happen, someone says or does the wrong thing, and a situation destabilizes. He is hopeful that cooler heads prevail, and an off ramp can be found in Davos. Frank still wonders why the US Administration claims it needs Greenland, asking "why buy the cow when you already get the milk for free?" This month's podcast also covers tariffs, Iran, Minnesota, Venezuela, the Board of Peace, the Munroe Doctrine, Canada's China pivot, Legault's resignation in Quebec, Powell's Fed Indictment, populist market interventions by Trump and Prime Minister Carney's "sobering" speech to the World Economic Forum.

This podcast was recorded on January 20, 2026

Chapter Headings:

01:10    US vs NATO on Greenland

06:04    Study Confirms Cost of Tariffs Borne by US Consumer

10:37    Jawboning The Supreme Court Over Tariffs

13:30    Carney's Sobering Speech in Davos

15:19    Trump Rhetoric over Greenland Eerily Similar to Putin and Ukraine

18:17    Iranian Military Quells Uprising

20:20    Two Weeks Later – What Lies Ahead for Venezuela

23:48    Trump's Alternative to the UN – A So-Called "Board of Peace"

27:14    Listener Mailbag – MAGA Supporter Asks Frank about Munroe Doctrine

35:38    Trump's Populist Marketplace Interventions

37:54    ICE and Minnesota

40:10    Powell and Fed Independence

41:40    Legault Resignation Throws Open Quebec's Leadership Race

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 73 of Geopolitics is a special episode in which Frank discusses the implications for global geopolitics of the arrest of Venezuelan President Nicolas Maduro. Frank discusses backlash in Washington of the decision to arrest Maduro without Congressional authority, what it means for possible next moves for the United States as it flexes its military muscle in the Western Hemisphere for both Venezuelan neighbors but also Greenland and Canada. In addition, he ponders the potential that the Maduro move spawns global spheres of influence as the US implements its National Security Strategy (coined by President Trump as "the Donroe Document." For Canadians, Frank discusses implications of this geopolitical theatre for Canada's energy sector and whether a new pipeline to tidewater is more or less feasible today than last week and whether the prospect of growth in Venezuelan heavy oil production truly provides US leverage in upcoming CUSMA negotiations.

This podcast was recorded on January 7, 2026

Chapter Headings:

01:10 - The Capture of Maduro – US Motivation and Next Day Plans

06:38 - Trump Chooses Incumbent over Nobel Prize Winning Opponent

12:54 - Rebuilding Venezuela's Oil Infrastructure

17:32 - Spheres of Influence – Where Does Canada Stand?

29:54 - Sleeping With One Eye Open – Will Trump Follow Through on Saber Rattling?

37:38 - Mark Wiseman's Chops as Ambassador

39:18 - Implications for Canada's Energy Sector

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 72 of Geopolitics is a mix of current events and predictions for 2026. Frank discusses the U.S.'s recently released National Security Strategy that some pundits believe is akin to the original Monroe Doctrine published following the American Revolution that aimed to establish U.S. dominance over the Western Hemisphere.  After praising outgoing Canadian Ambassador to the U.S. Kirsten Hillman on her retirement announcement, Frank provides advice to the next person in the foxhole for Canada in Washington. He discusses the continued aisle crossings in Ottawa pushing the Liberals near to a majority and reminds listeners that the practice is nothing new in Canada. Before getting to his 2026 predictions, Frank weighs in again on the MTG vs Trump saga and finally whether Indiana's rebuttal of President Trump means the end of gerrymandering…for now. In terms of predictions, you won't want to miss his thoughts on the future of CUSMA, the Trans Mountain Pipeline, the War in Ukraine, and the Mid-term elections in Washington.

This podcast was recorded on December 15, 2025

Chapter Headings:

00:43 - The Monroe Doctrine 2.0

07:52 - Advice for the Incoming Ambassador in Washington

12:18 - Another MP Crosses the Aisle

17:12 - MTG Questions Whether Trump is America First

23:09 - The End of Gerrymandering…for Now

26:14 - 2026 Predictions

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Frank comes out on fire in Episode 71 when questioned on his recent travels to the Middle East, describing the region as hot, and clearly justifying the Prime Minister's recent outreach for partnerships with countries in the region. He summarizes thoughts on the recent COP 30 and the G20 Summits, as well as trade negotiations with the US and he highlights a sleeper issue in Canada, which is the growing popularity of a separatist party in Quebec with a mandate to vote for separation. He finishes with thoughts on political meddling allegations, Marjorie Taylor Greene's resignation, and other hot topics in Washington.

This podcast was recorded on November 26, 2025

Chapter Headings:

03:41    Ukraine Peace Plan Makes Progress – Why Now?

08:31    Is COP 30 Past its Best Before Date?

13:33    The BC Pipeline Debate

24:04    Quebec Separation Chatter

26:26    Trade Negotiations and Political Meddling

39:10    Is Marjorie Taylor Greene's Resignation a Canary?

41:23    Other News in Washington

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the US and a review of last week's budget in Canada. While Frank admits the budget was likely over-hyped and a disappointment, Rona takes direct aim at the fact the incumbent government clearly stated that younger generations will need to suffer and made no attempts to appease the interest of the other parties in parliament with its budget decisions. Frank admits he still does not know what Trump's end goal in trade negotiations with Canada is but believes the end deal between the two countries is likely to be much narrower than anticipated originally.   

This podcast was recorded on November 6, 2025

Chapter Times:

02:09 - Trump's Real Motivation for Suspending Trade Negotiations

20:33 - The View Inside the Republican Party on Trade

23:09 - Supreme Court Appears Skeptical of Trump's Use of IEEPA

28:14 - Signals from Off Cycle US Elections

34:54 - Gerrymandering

41:07 - First Take on Canada's Budget

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.