The Invested

The Potential Market Impact of Hot CPI and Universal Tariffs

In this episode, Dustin Reid, Chief Strategist for Fixed Income, discusses the ongoing volatile macro economic landscape in North America and Europe. Dustin explains how the market is perceiving the impact of both Canadian and US inflation data, and what the likely implications are for Bank of Canada and Fed policy. Dustin also speaks to how the Trump administration is viewing tariffs and where cross-asset markets might not be pricing what could happen next. 

This episode was recorded on February 19, 2025.

Aluminum and Steel Tariffs: What Lies Ahead?

In this episode, Lesley Marks, Chief Investment Officer of Equities, unpacks the potential long-term impacts of President Trump's tariffs on aluminum and steel imports. While the market response has been muted, Lesley cautions that these tariffs could lead to increased costs and chaos, particularly in the automotive industry. Lesley also explores the recent strength of the Canadian dollar, explaining the factors behind its rally. Additionally, Lesley highlights the strong performance of Canadian, European, and Hong Kong equities compared to US equities this year. 

This episode was recorded on February 13, 2025.

The Case for Low Volatility ETFs

In today’s unpredictable environment, understanding and managing market fluctuations is crucial for advisors and investors. In this episode, Haijie Chen, Portfolio Manager on Mackenzie’s Global Quantitative Equity Team discusses the current state of market volatility, key drivers behind it, and how quantitative investing can address these challenges. Haijie also breaks down the construction of Mackenzie’s low volatility ETFs and how they can be effectively integrated into an advisor’s portfolio.

This episode was recorded on January 27, 2025.

Interest Rates, Inflation, and Tariffs: What the Latest Central Bank Meetings Mean for Investors

In this episode, Dustin Reid, Chief Fixed Income Strategist at Mackenzie Investments, discusses the recent decisions by the Bank of Canada and Federal Reserve, exploring their future actions amid current economic conditions and looming tariff deadlines. Dustin also examines developments in equity markets, particularly the impact of the new Chinese AI model, DeepSeek, and its implications for technology stocks and energy consumption.

This episode was recorded on January 29, 2025.

Energy Emergency? Impacts of Trump’s Policies on Oil, Gas, and Natural Resources

In his first week in office, President Trump declared a national energy emergency, sparking debates about the acceleration of permitting for oil, gas, and power projects. In this episode, Benoit Gervais and Onno Rutten, Portfolio Managers on Mackenzie’s Resource Team, discuss President Trump’s latest executive orders and their implications for the resource sector. Benoit and Onno explore the theme of reshoring and the “America First policy”, emphasizing the significance of Canadian resources in bolstering US industrialization. Lastly, Benoit and Onno discuss how AI is impacting energy demand in relation to electrification and the power grid.

This episode was recorded on January 22, 2025.

The Half-life on Trump’s Tariff Headlines

In this episode, Dustin Reid, Chief Fixed Income Strategist, explores the potential implementation of tariffs under the new Trump administration and its implications for cross-asset markets. He discusses the role of the External Revenue Service and Canada's political and economic landscape. Dustin highlights key topics such as market pricing and expectations, deregulation, tax cuts, immigration policies, and potential changes in leadership.  

This episode was recorded on January 23, 2025.

Fixed Income Outlook and Opportunities for 2025

What are fixed income markets expect from a second Trump presidency? And where might investors find opportunities? In this episode, Konstantin Boehmer, Head of Mackenzie’s Fixed Income Team, discusses the Bank of Canada’s approach and the Canadian economy’s outlook, addressing the threat of tariffs, low productivity, and rising unemployment. Konstantin also shares his insights on the US economic landscape, the potential impacts of a Trump presidency on fixed income markets, and global investment opportunities in fixed income.  

This episode was recorded on January 9, 2025.

Special: 2025 ETF Outlook with Prerna Mathews

With the Canadian ETF market experiencing remarkable growth in 2024, trust and adoption of ETFs have surged among a diverse range of investors. Will this momentum continue into 2025? In this episode, Prerna Mathews, Head of ETFs at Mackenzie Investments, discusses the 2025 ETF Outlook. She delves into the sector’s remarkable growth and innovation highlighting 2024’s record inflows of $76 billion into ETFs in Canada—a staggering 45% increase over previous records. Prerna also shares insights into why more advisors and their clients are embracing ETFs and how these investment vehicles can be instrumental in building resilient portfolios.

This episode was recorded on January 6, 2025.

Dustin Reid – Tariffs, Inflation, and a Hawkish Fed Outlook

In this episode, Dustin Reid, Chief Fixed Income Strategist, discusses the Fed’s recent decision to cut interest rates by 25 basis points and its implications for both the US and Canadian markets. He highlights the Fed’s forecast for core PCE inflation at 2.5% for 2025, which exceeds their 2% target, and discusses how the Fed is now factoring in the potential economic impacts of tariffs—a notable shift from their traditional approach. Dustin also examines significant global events, such as changes in government leadership and ongoing trade tensions, and their influence on market behavior.

This episode was recorded on December 19, 2024.

Special: 2025 Market Outlook with Lesley Marks and Steve Locke

The sweeping Republican victory is expected to have potentially significant implications for geopolitical risk and trade flows, and for the outlook of various asset classes and sectors. On this special episode, Lesley Marks, CIO of Equities, and Steve Locke, CIO of Fixed Income and Multi-Asset Strategies, discuss their market outlook for 2025.

Topics discussed in their conversation include:

• How an incoming Trump administration could potentially benefit stocks, particularly small caps, and certain segments of the bond market
• Why the Bank of Canada will need to continue cutting rates in 2025 and potentially more aggressively than expected
• Why the resource sector may be poised for strong performance in 2025

For more insights and perspectives, download our 2025 market outlook.

This episode was recorded on December 3, 2024.