Repo has tightened, the effective funds rate has risen, and the Fed has reacted with a promise to buy T-bills. So far, heavier bills issuance has crowded out Repo longs. Ahead, expect a bigger shift ...

Prime Minister Mark Carney’s first budget delivers a historic investment in defence and the defence industry. But the fiscal plan is light on specifics on how and when the roughly $81.8 billion will ...