Ian and Royce take stock of the divergence between strong inflationary signals and a bond market that just won’t stop rallying. And keeping with the theme of divergence, Royce discusses why the compositional differences of the Fed and Bank of Canada’s policy framework is contributing to perceived BoC hawkishness, noting too that AIT is creating too much uncertainty. The co-hosts also dissect the contents of the BoC meeting this week, and the Economic Update speech from Deputy Governor Tim Lane. As well, Royce and Ian decide to roll over their Canadian CPI bet.