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Macro Minutes

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

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.

PublishesWeeklyEpisodes110Founded4 years ago
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Latest Episodes

In this all-Antipodean edition of Macro Minutes, Robert Thompson and Mary Jo Vergara discuss the RBNZ hiking the OCR rates for the first time in three years with more to come, in contrast to the RBA, which is stepping back into the shadows after thre... more

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The Canadian economy is at stall speed and the BoC is in a holding pattern. There has been no GDP growth and anemic employment gains over the last year – amid the dual forces of a population and trade shock. The consumer has actually been quite resil... more

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In this month's Emerging Markets edition, Luis Estrada is joined by Abbas Keshvani and Dasha Parkhomenko to analyze recent developments across emerging markets. The discussion covers the changing direction of the US dollar, preferred trades for the c... more

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In this special edition of Macro Minutes, Peter Schaffrik is joined by Blake Gwinn to dissect the first FOMC meeting under the new chairman Warsh. Blake shares his views on the task forces set up, the market reaction to the change in the SEP projecti... more

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Recent Guests

Dasha Parkhomenko
EMEA FX Strategist, RBC Capital Markets
RBC Capital Markets
Episode: The summer of soccer
Abbas Keshvani
Asian Macro Strategist, RBC Capital Markets
RBC Capital Markets
Episode: The summer of soccer
Luis Estrada
Latam FX strategist
RBC Capital Markets
Episode: Limbo of war
Cathal Kennedy
UK economist
RBC Capital Markets
Episode: Anarchy in the UK?
Lori Calvasina
Head of US. Equity Strategy
RBC Capital Markets
Episode: Positivity isn’t always naivete
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!

Hosts

Lori Calvasina
Head of US. Equity Strategy at RBC Capital Markets; frequent macro and market strategy discussions.
Abbas Keshvani
RBC Capital Markets analyst/expert; provides macro and FX insights.
Peter Schaffrik
Head of UK and European Economics and Rate Strategy; eurozone and UK perspectives.
Jason Daw
Head of North America Rate Strategy; moderator and strategist on macro discussions.

Chart Rankings

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

Apple Podcasts
#168
Canada/Business/Investing
Apple Podcasts
#160
Italy/Business/Investing
Apple Podcasts
#70
South Africa/Business/Investing
Apple Podcasts
#128
Ireland/Business/Investing
Apple Podcasts
#218
South Africa/Business

Talking Points

Recent interactions between the hosts and their guests.

The summer of soccer
Q: Abbas, CNH outlook for this summer, and how much does it depend on the dollar?
CNH remains bullish largely due to PBOC policy posture, a solid Chinese trade surplus, and the currency's safe-haven appeal; though a stronger dollar could bite, the currency should benefit from ongoing fiscal stimulus and China's domestic strength, provided external tensions (like EU-China trade frictions) don't accelerate a policy shift.
The summer of soccer
Q: Dasha, let's start with the dollar. How do you expect the US dollar to behave over the summer?
The dollar has showed a sharp rally but is likely to see slower upside momentum in the near term as it becomes overbought and positioning remains net long; the landscape has shifted away from expectations of near-term cuts, supporting a wider yield differential against lower-yielders, which could keep fundamental support for the dollar even as the pace of gains cool.
Going for a hike!
Q: What are the two main things to watch for going forward?
The total magnitude of rate hikes and the timing remain key; the path is uncertain, with a high likelihood of two hikes by September and potential further moves depending on data and ECB communications.
Going for a hike!
Q: What were your takeaways, given it was a move that was widely flagged in advance?
The hike itself was telegraphed and not surprising, but the new scenarios and rhetoric suggested a hawkish tilt that could keep the door open for further increases beyond July, especially given inflation risks and the resilience of the economy.
We need to talk about Kevin!
Q: Can you describe the potential role of forward guidance moving forward?
Forward guidance may soften further over time, but given the need to manage credibility, the Fed may still provide some framework for expectations, albeit in a less explicit form than traditional pre-commitments.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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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 centers on macro strategy and cross-asset market dynamics, featuring RBC Capital Markets desk strategists and researchers who discuss equities, rates, FX, credit, and policy. Episodes frequently explore scenarios for the path of inflation, central bank policy signals, and volatility regimes, with practical hedging ideas and asset allocation considerations for institutional investors. Notable throughlines include AI-driven earnings and growth dynamics, energy and geopolitical risks, and the evolving relationship between macro themes and market positioning. A distinctive trait is the consistent collaboration among RBC macro and credit experts across regional and global perspectives, often anchored by a live trading or conference... more

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

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Macro Minutes launched 4 years ago and published 110 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. Dasha Parkhomenko
2. Abbas Keshvani
3. Luis Estrada
4. Cathal Kennedy
5. Lori Calvasina
6. Blake Gwinn
7. Peter Schaffrik
8. Marc Sanchez

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