2025 will see the U.S. economy diverge even further from other developed nations, in ways that begin to look structural rather than cyclical. That’s one of the predictions from RBC Capital Markets’ Chief Economist Frances Donald and U.S. Economist Mike Reid in their outlook for the next year. They join Vito Sperduto, Head of RBC Capital Markets U.S. to weigh the economic impact of the incoming administration’s policies – and the tough line the Fed will need to tread in 2025.

Frances Donald, RBC's Chief Economist, offers keen insights into Canada's economic future as it navigates significant challenges in 2025. She discusses the stark divergence from U.S. growth and monetary policy, fueled by changes in trade dynamics and political leadership. The conversation dives into pressing issues like rising economic inequality, the impact of immigration on labor and housing, and the urgent need for effective solutions to Canada’s housing affordability crisis. Donald outlines the complex interplay between economic growth, inflation, and policy measures.

Larry Grafstein, Deputy Chair of Global Investment Banking at RBC, joins Mark Rushton, European co-head of M&A at RBC Capital Markets, to explore the dynamic M&A landscape leading to 2025. They discuss how lighter regulation may facilitate dealmaking in the U.S. while analyzing the impact of political changes on market sentiments. The duo highlights the resurgence of private equity and emerging trends in corporate activism, particularly how these factors shape M&A strategies in North America and Europe.

At RBC’s 2024 Global Technology, Internet, Media, and Telecom (TIMT) Conference, equity capital markets bankers sat down to discuss the key trends in the tech sector, and how this will catalyze activity in the IPO and broader equity market, M&A, private markets and more moving into 2025.

In 2025, Fixed income returns across the world will depend partly on the continuing resilience of the U.S. economy, and how far the Federal Reserve takes its current easing cycle. But macroeconomic variations among different markets will also be a big influence. In this episode of the Strategic Alternatives podcast, RBC Capital Market specialists from major global markets sift the key factors to offer informed predictions.

Last autumn the Industrials M&A landscape was subdued at best. This year the mood at RBC’s Global Industrials Conference was very different, with a revived corporate scene and private equity increasingly active. Joshua Rosenbaum, Global Head of Industrials, joins the Strategic Alternatives podcast to discuss the most promising sectors, and whether the shadow of the global financial crisis is finally clearing.

With over $1 trillion in transactions under his belt, Larry Grafstein, Deputy Chairman, Global Investment Banking, RBC Capital Markets, shares career insights and deal strategies. This episode was originally recorded with The Investment Banking Leaders Podcast on September 23, 2024.

Robert McCormack, Global Head of Debt Capital Markets at RBC, and Allison MacKinnon, Head of UK & European Corporate Debt Capital Markets, share their insights on the shifting dynamics in the capital markets. They discuss the surge in U.S. issuances and how geopolitical concerns shape investor preferences. The guests delve into the evolving landscape of bond markets, highlighting opportunities amid tightening credit spreads and addressing risks associated with interest rates. They also examine the growing impact of ESG financing on investment strategies.

Despite uncertainty around elections in Europe and the U.S., issuers have accelerated their funding plans in what has been a positive year for global bond markets. Head of European Debt Capital Markets and Syndicate, Robert Lamb and Co-head, Canadian Debt Capital Markets, Patrick McDonald explore the trends shaping debt capital markets.

The Trans Mountain Pipeline is up and running; the LNG Canada export facility is gearing up. The promise of new routes and markets for Canadian products is focusing investors’ attention on the market as never before. RBC Canadian energy specialists, Jeff Cormack and Michael Povaschuk, join the Energy Transition in Focus podcast to predict what this means for companies in the sector.