Macro Minutes

We are introducing our new EM Pulse publication, highlighting our views across Asia, EMEA, and LatAm in 2026. This episode features discussions from our positive view on CNY and China’s outlook to why we think the South African rand’s positive momentum can continue and the role of FX carry in the outperformance of LatAm FX this year.

Participants:

1. Richard Cochinos (Desk Strategy), FX Strategist
2. Abbas Keshvani (Desk Strategy), Asia Macro Strategist
3. Daria Parkhomenko (Desk Strategy), FX Strategist
4. Luis Estrada (Desk Strategy), LATAM FX Strategist

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

Geopolitical tensions are on the rise again and have lately filtered into markets more clearly. Global bond yields started rising again, the yield curve steepened from both ends and the USD is on the back foot again. Meanwhile, the JGB market is under pressure and JPY worries are mounting.

Participants:

1. Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
2. Blake Gwinn (Desk Strategy), Head of US Rates Strategy
3. Richard Cochinos (Desk Strategy), FX Strategist

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

As central banks chart divergent paths into 2026, regional opportunities and risks emerge across markets. Join our rates experts from the US, Canada, Europe, and APAC on a world tour breaking down what policy divergence means for bond yields, inflation risks, relative market performance, and how to navigate the year ahead.

 Participants: 

• Jason Daw (Desk Strategy), Head of North American Rates Strategy
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• Simon Deeley (Desk Strategy), Canada Rates Strategist
• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
• Robert Thompson (Research), Australian Macro Rates Strategist

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

RBC BlueBay CEO Eric Gerth discusses the asset manager's $700B global growth, industry consolidation drivers, and the strategic importance of scale, culture, and AI investment in shaping the future of financial services.

With the Fed signaling meaningful changes to their policy stance, what will be the cascading effects across US rates, equities, and global FX markets in what promises to be a pivotal period for investors? In this episode, we discuss the interconnected challenges of monetary policy pivots, earnings expectations heading into 2026, and the looming Supreme Court decision on US tariffs that could reshape global trade dynamics.

Participants:

• Lori Calvasina (Research), Head of U.S. Equity Strategy
• Richard Cochinos (Desk Strategy), FX Strategist
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy

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

The US government shutdown is the latest in a long list of developments in 2025 that has injected heightened uncertainty into macro and markets. There are some known unknowns about how this will impact the economic data but there are also lots of unknown unknowns. In this episode, we will shed light on what it means for the economy, Fed, and bond market.

Participants:

• Jason Daw (Desk Strategy), Head of North American Rates Strategy
• Izaac Brook (Desk Strategy), US Rates Strategy
• Michael Reid (Economics), Senior US Economist

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

We delve in the key macro themes driving monetary policy decisions and discuss when/if policy easing cycles will re-start, how fast they could proceed, and how low terminal rates might go. As the outlook for global central bank policies continues to evolve, particularly the Fed, it could have far-reaching implications for global asset markets.

Participants:

• Jason Daw (Desk Strategy): Head of North American Rates Strategy
• Blake Gwinn (Desk Strategy): Head of US Rates Strategy

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

In this episode, we explore how central banks in Australia, the UK, and the US are responding to evolving inflation dynamics and labor market shifts. From the Bank of England's hawkish cuts to the Reserve Bank of Australia's cautious easing, and the Federal Reserve's balancing act amid market pressures, we delve into the similarities, differences, and uncertainties shaping monetary policy decisions across these regions.

Participants:

• Cathal Kennedy (Desk Strategy), Senior UK Economist
• Su-Lin Ong (Research), Chief Australia Economist
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy

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

In this episode, fiscal loosening has been a feature across many geographies and is getting an increasing amount of attention from financial markets. In this episode, we look at the similarities and differences in fiscal approaches, and how markets are reacting in the US, Euro-area, UK and Canada.

Participants:

• Simon Deeley (Desk Strategy), Canada Rates Strategist
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics

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

In this episode, Elsa, Peter, and Blake discuss the weakening of the USD, the outlook for the Fed and UST markets as well as the cross implications of both developments on the ECB and European rates.

Participants:

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

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