Macro Minutes - RBC Capital Markets macro and market strategy series – explores the latest financial
The market environment over the last two weeks may be best described as chop. Yields have been bounc
The trends in markets since June - higher yields, lower equities, wider credit spreads - pulled a sh
Global yield curves have been moving higher and steeper despite new geopolitical risks and a dovish
Bond markets keep pushing higher and curves steeper - but why? It appears that a combination of bett
The main story in financial markets is fixed income and the relentless surge in yields. We explore w
We have a number of central bank events on deck, with the ECB meeting this week, followed by the Fed
Ouch! Bonds have been burned in low liquidity summer markets, adding to the pain (total return losse
With key central bank meetings due over the coming weeks at the same time, as economic sentiment dat
A number of global fixed-income markets have broken higher as central banks are still left to deal w
Groundhog Day was a film about the same day repeating itself over and over, which has some parallels
Hiking cycles are extending or re-starting later in 2023 than many expected for the BoC and Fed, wit
Debt ceiling negotiations turned out to be a lot less dramatic than many had anticipated – still to
Debt limit talks are ongoing in Washington, with financial markets already jittery on US banking con
We have a number of major central banks meeting these next two weeks, including the RBA last night,
Rate volatility continues to be elevated, with policy rate expectations swinging around as determini
The last week felt much calmer than anything experienced since the SVB and CS induced turmoil over t
It might be an overly simplistic argument, but in hindsight it should not be surprising that aggress
As hockey and basketball enter the last weeks of the regular season, central banks themselves are ap
Are markets being fooled by lags? Not unusual for this point in the cycle, some data is coming stron
The US payroll report sent shock waves through the fixed income market. Market pricing shifted aggre
