Market volatility due to tariff measures implemented by President Trump have subsided and markets have rallied strongly, so what next? Andrzej Skiba, Head of BlueBay U.S. Fixed Income, and Mike Reed, Head of Global Financial Institutions, talk about the outlook for, and potential risks to, US credit markets as we head into 2026.

For this episode of The Navigator podcast, we’re bringing you a conversation from Strategic Alternatives, a podcast published by our colleagues at RBC Capital Markets.

Frances Donald, RBC Chief Economist, joins Vito Sperduto, Head, RBC Capital Markets U.S., to examine five disruptors reshaping the U.S. economy, complicating forecasts, and influencing decisions across markets and policy.

Tim Leary, Senior Portfolio Manager at RBC GAM, is joined by Justin Sok, Principal Consultant at Rich Feuer Anderson, to breakdown the winners and losers of the bill, and explore the potential impact on markets, businesses, and taxpayers. They also delve into the political dynamics behind the bill and its broader implications for growth, deficits, and investor decision-making.

RBC’s Chief Economist Frances Donald joins Tim Leary to explore the uncertainty in markets, the myth of GDP, and why America doesn’t need jobs—it needs workers.

Listen in for a no-holds-barred look at the state of the economy and what might come next.

Tim Leary, Senior Portfolio Manager, sits down with Clay Lowery, Executive Vice President, Research and Policy at the Institute for International Finance, to discuss the results of the 2024 U.S. Presidential Election, which saw Republican nominee and former President Donald Trump secure his second term. They go in-depth on the policy implications of this outcome, what it means for financial markets and discuss the priorities of the Trump’s agenda.

In this special episode of The Navigator, Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, and Clay Lowery, Executive Vice President, Research and Policy at the Institute for International Finance, discuss the mood in Washington, DC leading up to the election on November 5th. They go into detail on the potential outcomes and the policy impacts of what comes next. Listen in as Tim and Clay address what it all means for financial markets and the global economy. 

Not too long ago, high-yield bonds were commonly called "junk" bonds. But the asset class has matured, and it’s no longer your father’s leveraged finance market says Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team.

Tim joins Jason Pasquinelli, Head of Client Solutions at RBC GAM, on this episode of The Navigator to discuss the evolution of high yield bonds, loans and private credit, and how these competing elements of the leveraged credit market have led to misconceptions for investors. They also address the current state of the market, where we are finding opportunities, and the potential for volatility driven by the upcoming U.S. elections.

In the aftermath of the pandemic and the troubles faced by several regional banks last year, investors are on edge concerning unexpected losses on property loans, as well as a major step-up in provisioning in the commercial real estate (CRE) book for New York Community Bank (NYCB).  

In this episode of The Navigator podcast, Andrzej Skiba and John Guarnera discuss our view on the recent trouble spots within the US CRE sector and how we’re dealing with the turbulence. 

• It’s been an eventful start of the year and investors are concerned with the dynamics of the commercial real estate (CRE) sector.
• Occupancy is down and debt service is more expensive due to rising rates.
• Larger banks have been quick to address any asset deterioration, but smaller banks own 69% of the CRE debt.
• Periods of dislocation, in our judgement, can create the most interesting opportunities for fixed income investors, however careful credit selection is of paramount importance. 

On this episode of The Navigator, Brian Fairhurst, Managing Director, Institutional Sales at RBC GAM, is joined by Tim Muindi, Treasurer of ServiceNow, who shares how ServiceNow is pursuing their goal of building sustainable wealth, funding small business creation, and driving community revitalization in Black communities through impact investing. The conversation that ensues can be considered a case study for finance professionals on how to partner with their firm’s stakeholders to put cash to work for Impact.

On this episode, we sit down with Chief Strategist, Impact Investing, Ron Homer, as he reexamines the history of impact investing over the past 25 years, paying particular attention to important events that have shaped the investment category into what it is today. Ron also provides his input as to what he sees as the opportunities and challenges for impact investors.