Margaret Kerins along with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Belton and Ben Jeffery from BMO CM’s FICC Macro Strategy debate the pros and cons of a 50 bp vs. 25 bp initial move tighter in the fed funds rate and the timing and pace of balance sheet normalization and the different implications for US and Canadian rates, high quality spreads, and foreign exchange.