On this episode of CYE, Ian and Nick begin this episode discussing whether or not markets are priced for peak macro conditions. Ian talks about the importance of the BoE and ECB meetings on the global stock of negative yielding debt, and how that dynamic may interrupt traditional flattening trends into a hiking cycle. Nick discuss productivity trends within the context of where the market is pricing-in terminal policy rates in North America, while Ian gives a highlight on what to expect from Governor Macklem’s speech this week. The pair end the episode by looking at the long-end of the curve.