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Doing nothing was the bigger risk… and that's why the Fed raised rates into an energy shock it can't control.
Matthew Andrade sits down with Ian Pollick, Managing Director and Global Head of FICC Strategy at CIBC Capital Markets, and one of Canada's most closely followed voices on interest rates.
With US 10-year yields pushing past 5%, their conversation moves from the Fed's September hike and the Bank of Canada's conditional tightening bias to historically wide Canada–US yield spreads, pressure on the Canadian dollar, and AI borrowing crowding out other bond issuers.
Pollick's through-line is clear-eyed and data-driven: starting points matter, the bond market now belongs to price-sensitive investors, and higher rates may be making the economy more resilient, not less.
For finance professionals and investors rethinking the 60/40 portfolio, this conversation is an essential read on where rates go next.
Listen For:
1:09 Why did the Fed hike rates into an energy price shock?
11:18 Is the Bank of Canada moving toward its own rate hike?
14:46 Why does Ian Pollick think higher rates may strengthen the economy?
19:57 Does the 60/40 portfolio still work when stock-bond correlation breaks?
33:15 What is Ian Pollick's 2027 rate outlook, and what could break it?
CONNECT WITH GUEST: IAN POLLICK, Managing Director & Head, FICC Strategy | Fixed Income, Currency & Commodities | CIBC Capital Markets
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