Ian and Royce discuss what calls they got right and what surprised them in this week’s Federal Budget and Bank of Canada announcement. They give their views on which central bank’s outlook is more likely to be realized between the Bank of Canada and the US Federal Reserve. Ian discusses how the expected supply in the Government of Canada bond market this year will interact with the central bank’s tapering plans. Royce talks about why market pricing for the terminal rate in Canada might not actually be that aggressive.