Bipan Rai joined BMO Global Asset Management in 2024 and currently serves as Head of ETF Strategy, delivering strategic research for the ETF and Structured Solutions team. He is highly regarded for his macroeconomic insights as well as his knowledge of market structure for various asset classes. His focus is on fundamental macro research and the implications for the ETF market place, including economic, monetary and fiscal policy analysis alongside developments in funding and liquidity. Prior to joining BMO GAM, Bipan spent 13 years as a top-ranked strategist at a large Canadian dealer. He has won several awards for his research from various publications (Greenwich Survey, Bloomberg) and is a regular contributor to global business media outlets (BNN/Bloomberg, CNBC, WSJ). He holds an MBA from the Schulich School of Business at York University and a Bachelor of Engineering degree (Aerospace Engineering) from Toronto Metropolitan University.
While Quality has had a tough year so far, we expect it to perform going forward. This is largely due to a shifting macro backdrop that favours firms with stable earnings, a still-restrictive Fed monetary policy regime, and exposure to AI.
From sticky inflation and rising bond yields to growing questions around AI, the macro backdrop is getting more complex. In this episode, special guest Bipan Rai joins host Zayla Saunders to unpack his Q4 portfolio strategy and what it means to stay invested — and protected — this quarter. Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM) and Bipan Rai is Head of ETF & Structured Solutions Strategy at BMO GAM. This episode was recorded live on Friday, October 9, 2026.
With Canadian housing facing a prolonged slump, where can Canadians put their savings to work? Bipan welcomes back BMO Capital Markets economist Robert Kavcic to discuss why markets may be overestimating Bank of Canada rate hikes, why a housing recovery will take time, and investment opportunities beyond real estate. This podcast was recorded on October 6, 2026.
Investing has never been more accessible, yet money anxiety keeps growing. Hosts Zayla Saunders and Hilly Cutler talk with Rob Carrick about how Canadians’ attitudes toward money have changed, the rise of ETFs, rising bond yields and mortgage rates, and what keeps his readers up at night.
How much tightening would it take to keep Canadian inflation expectations in check? Royce Mendes of Desjardins Securities joins Bipan to explain his case for a limited round of “insurance hikes,” how U.S. trade relations could alter that outlook and where he sees value in Canadian bonds. This podcast was recorded on Sept. 22, 2026.
Canada’s trade war with the U.S. is escalating — but the economy has proven surprisingly resilient. Bipan Rai sits down with RBC Capital Markets’ Jason Daw to discuss tariffs, fiscal firepower, the Bank of Canada’s next move and what’s driving long-term bond yields higher. This podcast was recorded on September 1, 2026.
Markets are wrestling with rising long-term yields and a less predictable Fed. Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, joins Bipan Rai to unpack real yields, fiscal pressures, AI investment and the Fed’s uncertain next move. This podcast was recorded on August 18, 2026.
The U.S. Treasury Department and Japan have taken the unusual step of jointly stabilizing the Japanese Yen in global currency markets. Bipan Rai explores the direct implications for currencies and yields — and whether it marks the return of a more activist era in global FX policy. This podcast was recorded on August 4, 2026.
Europe’s geopolitical wake-up calls are multiplying, but so are the reasons for cautious optimism. Jennifer Lee, senior economist at BMO Capital Markets, joins Bipan Rai to unpack Europe’s new spending regime, central-bank divergence, Japan’s weak yen and the global signals investors should watch next. This podcast was recorded on July 21, 2026.
After a muted initial reaction to the U.S.-Israel strikes on Iran and risk that the conflict may rapidly widen, energy markets have started pricing in darker scenarios. In this episode, Bipan is joined by TD Securities commodities strategist Daniel Ghali, where the pair discuss the extent to which crude prices may rise further, as well as implications for the broader global commodities complex. This episode was recorded live on March 4, 2026.
A new floor price for world oil prices as well as rising forecasts for gold are two among many implications traders are weighing as tensions simmer between Iran, Israel as well as the United States. Bipan is joined by TD Securities strategist Daniel Ghali to discuss what impact the conflict has had on commodity and energy price expectations. This podcast was recorded live on June 24, 2025.
All prices, returns and portfolio weights are as of market close on September 30, 2026, unless otherwise indicated.
All prices, returns and portfolio weights are as of market close on September 30, 2026, unless otherwise indicated.
All prices, returns and portfolio weights are as of market close on September 30, 2026, unless otherwise indicated.
All prices, returns and portfolio weights are as of market close on September 30, 2026, unless otherwise indicated.
All prices, returns and portfolio weights are as of market close on March 31, 2026, unless otherwise indicated.
Ever been to a really good party that you didn’t want to end? Remember that feeling you get when the lights start to come back on, the bar is closing and the music is winding down? There’s a slight wistfulness that the fun is over and it’s time to go home – even if you feel like it’s still a bit too early and want to keep dancing.
Analyzing the historical track record of key composite leading indicators provides an understanding of where we are in the current cycle, and contextualizes the expected performance of various areas of the economy.