Royce and Ian dissect the recent US Federal Reserve meeting, calling it a reality check for the central bank. Royce talks about why the hawkish move makes Bank of Canada Governor Tiff Macklem’s life a lot easier. Ian then analyses the market reaction and how trading reflation has changed post-meeting. Royce and Ian debate transitory versus persistent inflationary pressures and talk about how that will affect fixed income pricing. Ian also convinces Royce to roll over their friendly wager on economic data.