Ian is joined this week by Mike Larson, and the duo kick off the episode by discussing the elephant in the room – the level of interest rates. Ian discusses the mechanics behind the ungluing of global long-end interest rates, while Mike gives his view on swap spreads. The pair talk about why the level of swap spreads should continue to decline, especially given how much 10yr Canadian rates have underperformed the United States recently. Ian gives his view on the absurdity of trading the ‘higher for longer’ and the ‘soft landing’ narrative at the same time. The show finishes with Ian and Mike outlining their favorite trades and which positions are the most crowded.