Politics & Policy

Never a Dull Moment in Washington

Oct. 28, 2025

Guests: Frank McKenna, Deputy Chair, TD Securities and Chris Krueger, Managing Director, Washington Research Group - Macro, Trade, Fiscal & Tax Policy Analyst, TD Cowen

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

In Episode 69, Frank invites Chris Krueger, Strategist with TD Cowen's Washington Research Group, to join the pod to help navigate the fast-moving developments in Washington including the government work stoppage, Canada-US trade negotiations, and the postmortem of President Trump's recent Whitehouse meeting with Ukraine President Zelensky. Frank describes trade negotiations as slogging along given that the two countries have incredibly inter-twined economies, and a complex trade and security relationship.

Pipelines are back in the news and Frank weighs the pros and cons of a Keystone restart or pipeline to the Northern BC Coast with continued expansion of existing infrastructure. Chris provides our mostly Canadian audience with a 101 on gerrymandering, and its impact on mid-term elections. The two geopolitical experts finish up discussing the merits of a Nobel Peace Prize for Trump and potential end to the war in Ukraine.

Chapters:
1:31	Slogging Through Canada-US Trade Negotiations
13:39	Carney's Balancing Act with Canada's Premiers
17:09	Setting the Record Straight on Tariff Revenues
22:20	Pipelines Back in the News in Canada
29:07	Explaining Washington's Work Stoppage
33:53	Is Stellantis's Brampton Plant Closure the Canary?
38:33	Gerrymandering Gone Wild
43:41	Peace Negotiations in Middle East and Ukraine

This podcast was recorded on October 20, 2025.

Full 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.

Chris Krueger

Managing Director, Washington Research Group - Macro, Trade, Fiscal & Tax Policy Analyst, TD Cowen

Chris Krueger
Managing Director, Washington Research Group - Macro, Trade, Fiscal & Tax Policy Analyst, TD Cowen

Biography

Chris Krueger joined TD Cowen Washington Research Group in August 2016 as the Washington Strategist. Mr. Krueger and the TD Cowen Washington Research Group were recently named #2 in the Institutional Investor Washington Strategy category, where he had been consistently ranked for the past decade along with WRG. Mr. Krueger publishes the DC Download, a must-read daily for Wall Street portfolio managers who want a quick look at the top Washington stories and their impact on the capital markets. Mr. Krueger covers DC macro, fiscal, tax and trade policy.

He held similar positions at Guggenheim Securities, MF Global, Concept Capital, and Potomac Research Group. Earlier he worked for nearly four years on the senior staff of the House of Representatives. He has also worked on several local, state, and federal political campaigns across the country.

Mr. Krueger holds a BA from the University of Vermont and an MA in international relations from King’s College London. He appears frequently on CNBC and Bloomberg and is widely quoted in The Wall Street Journal, FT, Axios, New York Times, Washington Post, and POLITICO. He also speaks regularly at industry events and conferences, including the Milken Institute Global Conference, National Organization of Investment Professionals, and the New York Stock Exchange.

Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.

Frank McKenna

Deputy Chair, TD Securities

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

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

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.

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Politics & Policy

Never a Dull Moment in Washington

Disclaimer

Biography

Biography

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