Macro Minutes

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122

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Oct 2026

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About the show

Macro Minutes - RBC Capital Markets macro and market strategy series – explores the latest financial market and economic developments. Listen today to hear high conviction insights from RBC’s desk strategists and research analysts.

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60 recent

October 30, 202615 min

Votes and Volatility

Lula shocked Brazil – BRL is still reeling. Israel's votes are in – no winner yet. South Africa passed the budget test – local elections are next. And year-end seasonality? Right around the corner. Participants: Abbas Keshvani (Desk Strategy), Asia Macro Strategist Daria Parkhomenko (Desk Strategy), FX Strategist Luis Estrada (Desk Strategy), LATAM FX Strategist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

October 28, 202616 min

Canadian Equity Compass

Interesting factoid - the Canadian stock market has outperformed the S&P and Nasdaq over the last year and has similar performance YTD. Who would have thought, without the AI driver and with tariffs and trade policy uncertainty. Listen to this episode to hear from Sara Mahaffy who recently launched her flagship Canadian Compass report. Sara unpacks what has happened to Canadian stocks, the fundamentals at the index and sector level, and what to expect going forward. Participants: Sara Mahaffy (Research), Head of Canadian Equity Strategy & Global Sustainability Strategy Research Jason Daw (Desk Strategy), Head of North America Rates Strategy * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

October 14, 202616 min

Around the world in 15 minutes

A broad tour of global FX markets spanning Asia, G10, and LatAm, covering key currency trades, positioning, and central bank divergence. The discussion highlights major risks into year-end, including an AI-trade pullback, China trade tensions, US Treasury moves, and political uncertainty in Brazil. Participants: Elsa Lignos (Desk Strategy), Global Head of FX Strategy & Head of EMEA Institutional FX Sales Abbas Keshvani (Desk Strategy), Asia Macro Strategist Luis Estrada (Desk Strategy), LATAM FX Strategist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

October 7, 202627 min

Wake up call

There has been a substantial widening of spreads in the European bond markets. While the epicentre is in the French bond market, it seems to have morphed from a French idiosyncratic problem to a broader one, a problem that comes on top of a whole list of issues and specifically on top of the energy crisis that is still unresolved. Participants: Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics George Moran (Desk Strategy), European Economist Megum Muhic (Desk Strategy), UK Rates Strategist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

October 1, 202628 min

Dumpster fire

Bond yields have spiked globally led by an inter-related combination of oil prices and re-pricing of central bank terminal rates. Momentum and investors exiting long exposure has added fuel to the fire. To put it in context, the one-month increase in US 2y yields is one of the largest over the past 25 years. This has pushed up long term rates and flattened the curve. These dynamics haven’t been isolated to the US market; it is a global phenomenon. For now, risk asset such as equities and credit has been well behaved, but history shows when rates rise sharply and there is an accompanying exogenous shock like oil, that small cracks in macro or markets can grow. Participants: Blake Gwinn (Desk Strategy), Head of US Rates Strategy Jason Daw (Desk Strategy), Head of North America Rates Strategy Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

September 29, 202611 min

EM under pressure: when resilience runs out

For most of 2026, Emerging Market assets held their ground against a wall of external headwinds — but September may mark the moment that resilience finally cracks. A surprise Fed hike, relentless UST repricing, and a USD trading near multi-year highs are draining the confidence that underpinned EM idiosyncratic trades across every region. In this episode, Luis Estrada, Dasha Parkhomenko, and Abbas Keshvani take stock of what is breaking down, what is holding, and how G10 developments are eroding EM resilience. Participants: Abbas Keshvani (Desk Strategy), Asia Macro Strategist Daria Parkhomenko (Desk Strategy), FX Strategist Luis Estrada (Desk Strategy), LATAM FX Strategist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

September 17, 202614 min

Time is ticking!

The ECB hiked rates a second time in this cycle last week and did not suggest that the 2.50% they previously flagged as top end of neutral will be a key line in the sand. In contrast, the BoE did not hike this week, but left the door wide open to do so – maybe even before the end of 2026. Listen to Peter and Cathal as they dissect both recent meetings and provide an outlook for the rates paths going forward against a difficult energy price outlook. Participants: Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics Cathal Kennedy (Desk Strategy), Senior UK Economist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

September 11, 202620 min

What comes next for European markets?

In this Partner of Choice special episode, we look at how change across European markets is creating new opportunities for resilient growth and how RBC is strengthening its capabilities in response, across our people, products, and technology, to help clients to capture these opportunities. Speakers: Sian Hurrell, Co-CEO, RBC Europe & Europe Head, Capital Markets Mark Tinworth, Head of Global Markets Sales, Europe Learn how we combine depth of insight and executional excellence, to deliver leading solutions for our clients as their partner of choice: Partner of Choice | RBC Capital Markets Discover the how our combination of Canadian heritage, global scale and European expertise enables us to support our clients across Europe: Europe | RBC Capital Markets

September 9, 202611 min

Guarded exuberance in EM FX

EM FX has enjoyed a lift from a constructive macro backdrop, with growth resilient and inflation generally under control. We retain a bullish bias (long KRW, MYR, BRL) but caution against being exposed to higher energy prices. We also maintain some hedge trades in our portfolio. Participants: Abbas Keshvani (Desk Strategy), Asia Macro Strategist Daria Parkhomenko (Desk Strategy), FX Strategist Luis Estrada (Desk Strategy), LATAM FX Strategist * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

September 1, 202626 min

Back to school

As summer ends, financial markets face a crucial semester ahead. The next Fed meeting looms large and the path to hikes runs squarely through inflation, with or without, Warsh’s blessing. Until there is sustained progress on price pressures, market expectations will be sticky for pricing hikes. US-Canada trade tensions have escalated but the Canadian economy has managed past tariffs well and has fiscal space and flexibility to ride it out. Sustained above trend growth is required for the BoC to hike. The ECB will surely hike in September, but will they do more after that? The UK budget promises revelations on fiscal policy that could reshape the outlook for yields. Tune in to hear RBC's macro experts discusses these topics and related market themes. Blake Gwinn (Desk Strategy) , Head of US Rates Strategy Jason Daw (Desk Strategy) , Head of North America Rates Strategy Peter Schaffrik (Desk Strategy) , Head of UK/European Rates & Economics * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts