The Navigator

Hosted by RBC Global Asset Management (U.S.) Inc.

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Feb 2026

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About the show

An RBC Global Asset Management podcast series featuring conversations with thought leaders and decision makers about themes affecting the US Fixed Income markets and institutional investment community, presented through direct experiences, stories and anecdotes from the BlueBay U.S. Fixed Income team.

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17 recent

February 27, 202620 min

Making dollars and talking sense in emerging market debt

For this episode of The Navigator, we’re bringing you a conversation from Dollars and Sense, a podcast published by our colleagues at RBC BlueBay in London.Mike Reed, Head of Global Financial Institutions, is joined by Polina Kurdyavko, Head of EM Debt, where they discuss increased geopolitical risk in relation to recent events, a weakened dollar and what it means for emerging market currencies, and the opportunities and challenges for the asset class in the year ahead.

December 8, 202520 min

2025: tariffs, tech and U-turns

For this episode of The Navigator podcast, we’re bringing you a conversation from Unlocking Markets, a podcast published by our colleagues at RBC BlueBay in London.Mark Dowding, CIO for our BlueBay fixed income platform, and Mike Reed, Head of Global Financial Institutions, discuss an eventful year in global markets.From President Trump’s tariffs (and rollback of tariffs) to the ongoing AI boom, LDP leader Sanae Takaichi’s recent historic prime ministerial win in Japan, and high-profile bankruptcies in the US autos sector, there’s a lot to discuss as we head into year-end.

November 4, 202521 min

Is the sun shining after the storm?

Market volatility due to tariff measures implemented by President Trump have subsided and markets have rallied strongly, so what next? Andrzej Skiba, Head of BlueBay U.S. Fixed Income, and Mike Reed, Head of Global Financial Institutions, talk about the outlook for, and potential risks to, US credit markets as we head into 2026.

September 30, 202530 min

Five disruptors facing the U.S. economy

For this episode of The Navigator podcast, we’re bringing you a conversation from Strategic Alternatives, a podcast published by our colleagues at RBC Capital Markets. Frances Donald, RBC Chief Economist, joins Vito Sperduto, Head, RBC Capital Markets U.S., to examine five disruptors reshaping the U.S. economy, complicating forecasts, and influencing decisions across markets and policy.

July 16, 202527 min

Unpacking the ‘big, beautiful bill’: the winners, the losers, and the aftermath

Tim Leary, Senior Portfolio Manager at RBC GAM, is joined by Justin Sok, Principal Consultant at Rich Feuer Anderson, to breakdown the winners and losers of the bill, and explore the potential impact on markets, businesses, and taxpayers. They also delve into the political dynamics behind the bill and its broader implications for growth, deficits, and investor decision-making.

April 30, 202529 min

Forks in the forecast: maneuvering markets when multiple paths are plausible

RBC’s Chief Economist Frances Donald joins Tim Leary to explore the uncertainty in markets, the myth of GDP, and why America doesn’t need jobs—it needs workers.Listen in for a no-holds-barred look at the state of the economy and what might come next.

November 26, 202439 min

DOGE days ahead? What Trump’s return means to investors

Tim Leary, Senior Portfolio Manager, sits down with Clay Lowery, Executive Vice President, Research and Policy at the Institute for International Finance, to discuss the results of the 2024 U.S. Presidential Election, which saw Republican nominee and former President Donald Trump secure his second term. They go in-depth on the policy implications of this outcome, what it means for financial markets and discuss the priorities of the Trump’s agenda.

October 1, 202446 min

U.S. Elections: A View from Inside the Beltway

In this special episode of The Navigator, Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, and Clay Lowery, Executive Vice President, Research and Policy at the Institute for International Finance, discuss the mood in Washington, DC leading up to the election on November 5th. They go into detail on the potential outcomes and the policy impacts of what comes next. Listen in as Tim and Clay address what it all means for financial markets and the global economy. 

July 11, 202419 min

Not your father's LevFin market: the evolution of high yield bonds, loans and private credit

Not too long ago, high-yield bonds were commonly called "junk" bonds. But the asset class has matured, and it’s no longer your father’s leveraged finance market says Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team. Tim joins Jason Pasquinelli, Head of Client Solutions at RBC GAM, on this episode of The Navigator to discuss the evolution of high yield bonds, loans and private credit, and how these competing elements of the leveraged credit market have led to misconceptions for investors. They also address the current state of the market, where we are finding opportunities, and the potential for volatility driven by the upcoming U.S. elections.

April 2, 202426 min

The current state of the commercial real estate market

SummaryIn the aftermath of the pandemic and the troubles faced by several regional banks last year, investors are on edge concerning unexpected losses on property loans, as well as a major step-up in provisioning in the commercial real estate (CRE) book for New York Community Bank (NYCB).   In this episode of The Navigator podcast, Andrzej Skiba and John Guarnera discuss our view on the recent trouble spots within the US CRE sector and how we’re dealing with the turbulence.  Key Points:It’s been an eventful start of the year and investors are concerned with the dynamics of the commercial real estate (CRE) sector.Occupancy is down and debt service is more expensive due to rising rates.Larger banks have been quick to address any asset deterioration, but smaller banks own 69% of the CRE debt.Periods of dislocation, in our judgement, can create the most interesting opportunities for fixed income investors, however careful credit selection is of paramount importance. 