The Invested

The U.S. Federal Reserve held interest rates steady yesterday at its July meeting, raising questions about its approach to persistent inflation.

In this episode of Market Exchange, Dustin Reid examines the market reaction, rising long-term Treasury yields and the key signals to watch ahead of the Fed’s September meeting.

Bank of Canada Holds: Inflation, Oil and the Rate Outlook

Dustin Reid examines the Bank of Canada’s July rate decision, shifting expectations for Canadian interest rates and the economic risks tied to slowing population growth. He also explores how rising oil prices, geopolitical tensions and weaker U.S. inflation data are creating a complicated outlook for central banks and fixed-income markets.

 

 

David Ross, Global Head of Private Credit at Northleaf Capital Partners, joins host Rajan Bansi to break down one of the fastest-growing corners of the investment world. David explains what private credit is, why it took off after the 2008 financial crisis, and how institutional investors — not banks — have become the go-to lenders for many of today's top private companies. He also shares where Northleaf has the confidence to stay disciplined in both choosing where to invest and what they deliberately avoid, and why the current market environment may be one of the most attractive periods for private credit investors in recent memory.

In this episode, Dustin Reid, Chief Fixed Income Strategist, breaks down the recent FOMC meeting — the first led by new Federal Reserve Chair Kevin Warsh. Dustin explains why the Fed's hawkish message caught markets off guard, including growing support for rate hikes and a renewed focus on inflation. He also explores how investors reacted across bonds, equities, currencies and credit markets, and what the Fed's evolving communication strategy could mean for volatility and portfolio positioning in the months ahead. 

This episode was recorded on June 17, 2026.

Dustin Reid discusses the Bank of Canada's rate hold, the outlook for markets and inflation, and why he believes Canadian rate cuts remain possible later this year.

Richard Wong, lead portfolio manager and head of Mackenzie's Cundill boutique, joins host Rajan Bansi to discuss why value has quietly outperformed growth in 2026, and why that trend has staying power.

 

Corporate earnings and stock performance are not moving uniformly — and the divide is worth understanding. Lesley Marks, CIO at Mackenzie Investments, joins host Rajan Bansi to walk through why AI infrastructure companies have had a markedly different experience than sectors like airlines and traditional software, and what it may mean that bond markets appear to be pricing in a different outlook than equities. Thoughtful context to help advisors frame today's market for their clients.

Episode recorded May 15, 2026. 

In this episode, Dustin Reid breaks down the latest Fed and Bank of Canada decisions and what’s driving markets right now. He explores how higher energy prices are feeding into inflation expectations, pushing yields higher and complicating the rate outlook. You’ll hear what’s behind the move in oil and how shifting inflation signals are influencing central bank decisions. Listen now for clear, practical insights to support client discussions on rates, risk and portfolio positioning.

In this episode, Rajan Bansi speaks with Katherine Owen about why full defence is not the only response to volatility. They unpack market rotations, the return of AI momentum and the role of resilient holdings. You’ll hear conversation-ready context for clients weighing nerves against long-term allocation discipline. 

This episode was recorded on April 27, 2026. 

Rajan Bansi speaks with Cory Martin, CEO and Portfolio Manager at Barrow Hanley Global Investors, to unpack why value looks compelling through a global lens. They explore how concentrated markets and wider valuation gaps have changed the conversation, why non-US markets often offer active managers more room to deliver returns and what sets Barrow Hanley’s traditional value approach apart. 

This episode was recorded on April 16, 2026.