The scorching hot CPI report has created yet another shock for the market, and the probability of an even more ‘forceful’ response from the Bank of Canada seems warranted. In this episode, Ian and Andrew do a deep dive on the latest report and talk about the many methodology adjustments StatsCan is making to the basket. The co-hosts take some time to go over the new forecasts presented in the MPR from last week, and unveil CIBC’s new policy forecast. Ian discusses why back-end rates underperformed recently, as well as some of the risks to the Bank’s QT implementation.