On June 5th, preceding the close of the second calendar quarter, the Bank of Canada cut the overnight interest rate by 25 basis points. This represented the first decline in the overnight rate following the beginning of the hiking cycle in March 2022, and the first cut in the overnight rate since March 2020. In the most recent calendar quarter, the Bank of Canada continued to ease interest rates, making cuts at both its July and September meetings by an additional 25 basis points in each instance. The Bank of Canada broadcast these moves ahead of time, and investors largely anticipated them. However, the market continues to believe that rates are heading even lower. The yield curve shifted downwards as a result of these moves over this period. A familiar theme in our recent commentaries is the reminder that when interest rates decline, the prices of fixed income instruments and securities increase. As a result, the third quarter was again a positive period for returns to fixed income investors.