Ian and Jeremy begin the episode by discussing the FOMC meeting from last week. Jeremy spends some time dissecting the disinflationary narrative used by Chairman Powell, while Ian discusses the extremely strong data which came out after the meeting. The duo do a victory lap as many of the trading themes discussed in the prior episode ended up working quite well, and the co-hosts discuss the driving forces of markets in an otherwise quiet week ahead. Ian discusses why the front-end of Canada remains very vulnerable to a repricing higher, while in the balance of the show the pair discuss why easing is priced the way it is for 2024 and what that means for long rates.