Ian is joined this week by Josh Kay, and the show begins with a lookback at the Bank of Canada rate decision this week. Ian walks through the material differences between the statement and the updated forecasts, painting a more dovish outright picture. After talking through the most likely paths for the BoC, the duo discuss which asset class is likely to provide better total returns in 2024, rates versus credit. Josh discusses why credit is turning into a defensive asset class and why it is attractive at current levels, while Ian discusses the relative supply outlook to government bonds. The show finishes with both talking about their favorite trade ideas for the next few weeks.