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Macro Minutes

RBC Capital Markets
Federal Reserve
Bank Of Canada
Inflation
Bank Of England
European Central Bank
Monetary Policy
RBC Capital Markets
Reserve Bank Of Australia
Interest Rates
US Economy
Tariffs
Central Banks
Canada
Gold
UK Economy
Canadian Economy
Macroeconomics
European Central Bank (ECB)
Private Credit
Bond Market

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.

PublishesWeeklyEpisodes103Founded4 years ago
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BusinessNewsBusiness NewsInvesting

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Latest Episodes

Sterling markets have had a rough ride over the last few weeks. In part this is against the backdrop of the oil price shock, but it is also due to the domestic political uncertainty that has once again come to the fore. In this episode, Peter Schaffr... more

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Equity markets keep hitting all-time highs. Rates markets are telling a more cautious story. So which one has it right? In this episode, we examine the complacency narrative through both an equity and rates lens, unpacking whether risk assets are ful... more

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Uncertainty on the path of the Iran conflict remains. The second and third order effects for the global economy have yet to be seen, but FX markets are taking an optimistic view on the outcome of the conflict. In this episode, we look at how emerging... more

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Market pricing for central bank policy rates has been on wild ride. Front-end yield spiked to extreme levels during the initial phase of the oil shock. They are lower now but in some countries painting a very different picture than before the war sta... more

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Recent Guests

Blake Gwinn
Head of US Rate Strategy
RBC Capital Markets
Episode: To hike, or not, that is the question
Peter Schaffrik
Head of UK and European Economics and Rate Strategy
RBC Capital Markets
Episode: To hike, or not, that is the question
Marc Sanchez
Credit Strategy Desk, RBC Capital Markets
RBC Capital Markets
Episode: Private Credit - a public affair?
Rob Thompson
Analyst who wrote a report highlighting Australia's vulnerability to energy shock
RBC Capital Markets
Episode: Weakest links!
Lori Calvasina
Equity strategist commenting on US equity market resilience
RBC Capital Markets
Episode: Weakest links!
Abbas Kevashani
RBC Capital Markets analyst/expert
RBC Capital Markets
Episode: Stress Testing EMFX for Oil
Jason Mandel
Head of Leveraged Finance Desk Strategy
RBC Capital Markets
Episode: A New Circularity
Stephen Denny
Head of USIG Credit Strategy
RBC Capital Markets
Episode: A New Circularity
Eric Gerth
CEO of RBC BlueBay Asset Management
RBC BlueBay Asset Management
Episode: Limited Series | Special Edition Episode: Building success through culture and scale

Hosts

Jason Daw
Head of North America Rates Strategy; Co-host and macro desk expert
Peter Schaffrik
Host focusing on macro strategy and global rates commentary
Richard Cochinos
Macro Minutes host and RBC strategist with broad market perspective

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Talking Points

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Private Credit - a public affair?
Q: How could private credit affect public markets and Europe specifically?
Linkages exist via banks and insurers with exposure to private credit; Europe is less exposed than the US, but a stress scenario could still affect market sentiment and lead to broader repricing and liquidity challenges.
Private Credit - a public affair?
Q: What are the main concerns about private credit today?
Key concerns include very rapid growth, redemption windows attracting retail investors, sector concentration in tech/IT, and worries about asset quality and fund structures that may not be transparent enough, coupled with potential spillovers to banks and insurers.
Private Credit - a public affair?
Q: What is private credit and how large is the market in Europe and globally?
Private credit is direct lending from non-bank institutions to SMEs, with funds structured as private credit funds or BDCs. The global market is around $2 trillion, with roughly 70% originated in the US and about 20% in Europe and the UK.
Weakest links!
Q: What's the vibe among investors given the Middle East conflict and its impact on markets?
Investors are cautious and patient, not panicked, with hedged positions and a focus on earnings timing and resilience, while generally viewing the shock as inflationary rather than growth-driven in the near term.
Deja vu
Q: What is the likely transmission of energy shocks into the real economy and consumer prices, especially compared with 2022?
Energy shocks continue to feed into inflation via fuel and electricity costs, but with a different labor market backdrop and tighter corporate margins today, which may dampen pass-through and alter the timing and magnitude of inflation and growth effects versus 2022.

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Frequently Asked Questions About Macro Minutes

What is Macro Minutes about and what kind of topics does it cover?

Macro Minutes offers a steady stream of macro-focused conversations featuring RBC Capital Markets desk strategists and analysts. Episodes consistently center on global macro themes, including central bank policy, inflation dynamics, energy shocks, currency moves, and credit markets, often tying these threads to near-term market implications for equities, fixed income, and commodities. Notable throughlines include how geopolitical events, energy prices, and policy expectations shape risk assets, with practical trading ideas and scenario planning woven in by a mix of hosts and guests. The show stands out for its cross-asset approach, frequent emphasis on policy transmission and rate paths, and a habit of linking regional developments to globa... more

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1. At Any Rate
2. Thoughts on the Market
3. FICC Focus
4. The Markets
5. Making Sense

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Macro Minutes launched 4 years ago and published 103 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Macro Minutes?

Recent guests on Macro Minutes include:

1. Blake Gwinn
2. Peter Schaffrik
3. Marc Sanchez
4. Rob Thompson
5. Lori Calvasina
6. Abbas Kevashani
7. Jason Mandel
8. Stephen Denny

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