Today is 11-April-2025 and my name is Peter Schaffrik. We have labelled this edition ‘Chaos Theory’ and I trust most listeners do not need and explanation as to what inspired us. Market swings have been very large on the back of the back and forth in the tariffs culminating in a 90 day pause being announced this week. Helping us to bring some order into the chaos, I am joined by Blake Gwinn, RBC’s head of US rates strategy and Elsa Lignos, Head of FX strategy.

Participants:

• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• Elsa Lignos (Desk Strategy), Head of FX Strategy

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts