Ian and Royce discuss new information regarding the Bank of Canada’s toolbox. They analyze the most likely ways the central bank can adjust its policies in the event that upside or downside risks materialize in light of the latest commentary coming from officials. The hosts also look at ways monetary policymakers can alter the mix of stimulus as they inevitably bump up against the limits of bond buying even in base-case scenarios for 2021. Ian and Royce end the show by bidding farewell to 2020 in a unique way.