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.
Canada’s data are improving, but the outlook remains anything but clear. Jason Daw, head of North American rates strategy for RBC Capital Markets, joins Bipan to discuss what choppy growth, sticky policy uncertainty and a structurally stronger U.S. economy mean for the Bank of Canada, the Fed and cross-market rates. This podcast was recorded on July 7, 2026.
From record ETF inflows to a broadening AI story reshaping global equity markets, the investment landscape continues to evolve. In this episode, special guest Bipan Rai joins hosts Zayla Saunders and Hilly Cutler to unpack his quarterly portfolio strategy, and what it all means for investor positioning as Q3 gets underway. Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM) and Hilly Cutler is Director of Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. They are joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM. This episode was recorded live on Monday, July 06, 2026.
Oil is high, volatility is low, and the Canadian dollar isn’t behaving the way investors might expect. Bipan Rai welcomes Shaun Osborne, Chief FX Strategist at Scotiabank, to discuss the forces driving USD/CAD, the outlook for global currencies, and why the next big move in foreign exchange may be hiding in plain sight. This podcast was recorded on June 8, 2026
Why are pensions, insurers and family offices increasingly turning to ETFs — not just tactically, but at the core of portfolio construction? Bipan Rai sits down with Daniel Stanley, head of institutional sales and services at BMO Global Asset Management, to discuss liquidity, “portable alpha”, fixed income ETFs and how institutions are reshaping the active-versus-passive debate. This podcast was record on May 27, 2026.
Canadian investors are facing a complicated macro setup: a softer labour market, sticky inflation risks, tariff uncertainty and a bond market still trying to price the Bank of Canada’s next move. In this episode, Bipan is joined by TD Securities’ Andrew Kelvin to unpack what the latest data means for portfolios, discuss the rates outlook, yield curve, fixed income currency risk and more. This podcast was recorded on Tuesday, May 12, 2026.
The federal deficit came in better than expected for fiscal 2025-26, but the path forward remains wide. Robert Kavcic, senior economist with BMO Capital Markets joins Bipan to break down the 2026 Spring Economic Update, including how Ottawa used its extra fiscal room, what the new sovereign wealth fund could mean in practice, and how Canada’s fiscal position stacks up against its G7 peers. This podcast was recorded on May 1, 2026. FOMC: Federal Open Market Committee
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 June 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.
Broader market leadership is emerging, but with concentration risks lingering, we favour selective sector exposure led by an overweight in Materials.
Strong earnings continue to power equities higher, but sector leadership is shifting beneath the surface of the rally.
Q1 2026 earnings season has been off to a strong start. As of Monday (April 27), nearly 30% of the S&P 500 companies have reported, with roughly 80% beating expectations. Despite persistent macro noise, markets are increasingly rewarding earnings delivery rather than reacting to headlines, pushing equities to record highs in April.
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.