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Macro Minutes

RBC Capital Markets
Bank Of Canada
Federal Reserve
European Central Bank
Inflation
Bank Of England
RBC Capital Markets
Interest Rates
Central Banks
Reserve Bank Of Australia
US Economy
S&P 500
Credit Market
Canada
Quantitative Tightening
Equity Markets
Global Economy
Canadian Economy
Australia
Monetary Policy
European Economic Sentiment

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.

PublishesWeeklyEpisodes99Founded3 years ago
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BusinessNewsInvestingBusiness News

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Artwork for Macro Minutes

Latest Episodes

In this European episode of Macro Minutes, Peter is joined by Marc Sanchez who is RBC’s Head of European Financials Sector Strategy and recently wrote a detailed note about the private credit market and the potential pitfalls. Marc and Peter recap wh... more

In this episode, we examine how the Middle East conflict transmits economic shocks beyond energy markets, focusing on supply chain disruptions in Asia-Pacific and global inflationary pressures. Join us when we explore why commodity exporters like Aus... more

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The episode examines the Iran conflict through an emerging markets lens, analyzing recent developments and exploring two primary scenarios that could unfold in the coming weeks. The first scenario envisions rapid de-escalation that would allow oil pr... more

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In this European edition of Macro Minutes, we discuss the rise in energy prices in the wake of the Middle East conflict brings back painful memories of the 2022 energy shock for Europe. We dissect what is similar and what is different, quantify some ... more

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Recent Guests

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
Sue Lin
An Australian economist focusing on monetary policy.
RBC Capital Markets
Episode: Go Your Own Way
Anke Reinken
Global Co-Head of Financials Research
RBC Capital Markets
Episode: Limited Series | Special Edition Episode: Can Europe’s Bank Equities and AT1s comeback be sustained?
Mark Sanchez Roger
Head of European Financials Credit Sector Strategy
RBC Capital Markets
Episode: Limited Series | Special Edition Episode: Can Europe’s Bank Equities and AT1s comeback be sustained?

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

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#178
Canada/Business/Investing
Apple Podcasts
#59
Switzerland/Business/Investing
Apple Podcasts
#188
Brazil/Business/Investing
Apple Podcasts
#192
Switzerland/Business
Apple Podcasts
#211
Singapore/Business/Investing
Apple Podcasts
#213
New Zealand/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

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.
Deja vu
Q: How do we think the ECB's reaction function will be affected by this? Or is it too early to say?
The panel suggests it is too early to commit to any clear ECB response; at best, risks will be flagged, with policymakers awaiting more information before adjusting policy, given the mixed effects of energy prices on inflation and growth.
A New Circularity
Q: What are the main risks for IG credit given this shift toward private credit exposures?
Key risks include sustained weakness in software exposure, higher debt supply from hyperscalers, and nuanced risk in utility and insurance sectors, which can widen spreads even as some names within defensible franchises hold up.
A New Circularity
Q: Over to you, Jason. Why are we seeing markets move just recently in private credit?
The recent moves reflect a circularity of AI spending that widens the loop between chipmakers, hyperscalers, and data centers, affecting valuations in private credit and prompting concerns about defaults and liquidity in areas like CLOs and BDCs.

Audience Metrics

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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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These podcasts share a similar audience with Macro Minutes:

1. At Any Rate
2. The Markets
3. Making Sense
4. Global Data Pod
5. Thoughts on the Market

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Macro Minutes launched 3 years ago and published 99 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. Rob Thompson
2. Lori Calvasina
3. Abbas Kevashani
4. Jason Mandel
5. Stephen Denny
6. Eric Gerth
7. Sue Lin
8. Anke Reinken

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