Politics & Policy

The Dog Days of Summer

Aug. 24, 2026

Guests: Frank McKenna, Deputy Chair, TD Securities

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

This podcast was recorded on August 20, 2026.

With the ink not yet dry on the Canada-U.S. trade agreement, Frank attempts to separate signal from noise in analyzing winners and losers in bi-lateral trade negotiations between the two countries. With an all-out trade war the worst possible outcome and zero tariffs unrealistic, Prime Minister Carney and his small negotiating team have worked tirelessly to ensure every constituency in Canada suffers a little bit of pain but none of them feel like they were hung out to dry to get a deal done. That said, the devil remains in the details on topics such as digital alignment, whatever that means, when the final agreement is published.

Frank sounds the alarm bell for business leaders, many of whom will be in Toronto in September for Prime Minister Carney's Canada Investing Summit, about the back up in long-term interest rates and wonders why this topic is not getting more airtime. He finishes with a quick summary on the wars in Iran and Ukraine and strikes a slightly bullish tone on the Blue Jays.

Chapters:
0:26	Carney and Trump Hammer out Trade Agreement
7:13	What Does Digital Alignment Mean?
20:13	Carney Attempts to Thread Needle with Provinces
22:19	Why Back Up in Long Rates Is Not Getting Attention from Business Leaders
29:44	Canada to Take Centre Stage of Investing World with Economic Summits
37:39	Two Wars with No End in Sight

Full transcription

Transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Frank McKenna
Frank McKenna
Deputy Chair, TD Securities

Biography

As Deputy Chair, Frank is focused on supporting TD Securities' continued global expansion. He has been an executive with TD Bank Group since 2006 and previously served as Premier of New Brunswick and as Canadian Ambassador to the United States.

Peter Haynes
Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Biography

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.