Macro Minutes

After markets started to shift attention towards growth risks, hawkish central banks and still elevated inflation have re-focused attention on inflation risks and spiked volatility once again. RBC's rates, FX and volatility experts discuss the specifics and implications of recent developments.Participants: Simon Deeley (Desk Strategy), Canada Rates StrategyBlake Gwinn (Desk Strategy), Head of US Rates StrategyAmy Wu Silverman (Desk Strategy), Head of Equity Derivatives StrategyPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsElsa Lignos (Desk Strategy), Head of FX StrategyRobert Thompson (Research), Macro Rates Strategist* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Markets have sharply reserved course. Is this the start of a new trend, a consolidation phase, or just a pause before past trends resume? In this episode, RBC’s rates, FX, equity, and credit experts opine on this critical topic.Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategyAdam Cole (Desk Strategy), Chief Currency StrategistLori Calvasina (Research), Head of U.S. Equity StrategyAdam Jones (Trading), Head of US Credit Algo TradingGeorge Davis (Desk Strategy), Chief Technical Strategist, FICC* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategySimon Deeley (Desk Strategy), Canada Rates StrategyBlake Gwinn (Desk Strategy), Head of US Rates StrategyPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsAdam Cole (Desk Strategy), Chief Currency StrategistAmy Wu Silverman (Desk Strategy), Head of Equity Derivatives StrategyMichael Tran (Research), Global Energy Strategist* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Central banks Strike Back! There are clear parallels (rates vol, inflation uncertainty, aggressive central bank tightening) to the early 1980's when Volcker raised rates at all costs to control inflation. In this episode, RBC experts opine on the macro landscape, fixed income, currencies, and credit markets.Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategyTom Porcelli (Research), Chief US EconomistBlake Gwinn (Desk Strategy), Head of US Rates StrategyPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsSu-Lin Ong (Research), Chief AU EconomistDaria Parkhomenko (Trading), FX StrategistAdam Cole (Trading), Head of US Credit Algo Trading* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Bond markets have gone wild - the sell-off has intensified and the new dimension of the move higher in rates has been dramatic curve steepening. In this episode, RBC experts discuss what it means for bond markets (levels, curve, volatility), currencies, the equity market and equity volatility landscape.Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategyTom Porcelli (Research), Chief US EconomistPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsAdam Cole (Desk Strategy), Chief Currency StrategistLori Calvasina (Research), Head of U.S. Equity StrategyAmy Wu Silverman (Desk Strategy), Head of Equity Derivatives Strategy* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Global central banks continue to shift more hawkish, but can lofty market pricing for tightening be realized? What are the risks and opportunities in the current backdrop? RBC global rates experts delve into these issues, while FX and energy specialists discuss the latest developments in their markets. Participants: Tom Porcelli (Research), Chief US EconomistBlake Gwinn (Desk Strategy), Head of US Rates StrategyElsa Lignos (Desk Strategy), Head of FX StrategySimon Deeley (Desk Strategy), Canada Rates StrategistJason Daw (Desk Strategy), Head of North American Rates StrategyPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsSu-Lin Ong (Research), Chief AU EconomistMichael Tran (Research), Global Energy Strategist* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

A hawkish Fed added fuel to the bond market sell off, which is having repercussions across global asset markets. In this episode, RBC experts discuss how these developments will affect central bank policies, yield curves, FX, and credit markets.Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategyTom Porcelli (Research), Chief US EconomistBlake Gwinn (Desk Strategy), Head of US Rates StrategyPeter Schaffrik (Desk Strategy), Head of UK/European Rates & EconomicsSimon Deeley (Desk Strategy), Canada Rates StrategistAdam Cole (Desk Strategy), Chief Currency StrategistRobert Thomson (Desk Strategy), Macro Rates StrategistJason Mandel (Desk Strategy), Head of Leveraged Finance Desk Strategy* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

The Russian invasion of Ukraine is having a pervasive impact on global economies and financial markets.Participants: Jason Daw (Desk Strategy), Head of North American Rates StrategyHelima Croft (Research), Head of Commodity Strategy & MENA ResearchPeter Schaffrik (Research), Head of UK/European Rates & EconomicsElsa Lignos (Desk Strategy), Head of FX StrategyTom Porcelli (Research), Chief US EconomistBlake Gwinn (Desk Strategy), Head of US Rates StrategySimon Deeley (Desk Strategy), Canada Rates Strategist* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts