In the first episode of 2025, Ian is joined by Aaron Carter from the financing desk to discuss recent adjustments in the short-end. The show begins with the duo discussing the importance of the Bank of Canada’s move to change the way monetary policy is implemented, namely moving back into a corridor system. Aaron gives his ‘big picture’ view on why this is a real game-changer for CORRA, and his expectations around the evolution of the spread to the target rate. Ian takes time discussing the various administered rates in the Canadian short-end and how to think about the subset of arbitrage opportunities. Aaron finishes the episode by describing the incoming tri-party repo system and how that will interact with monetary policy going forward.