Our Team

Meet the experts behind RBC Economics

The RBC Economics team is comprised of highly experienced and respected economists who specialize in analyzing macroeconomic data, identifying key trends, and delivering differentiated insights. Their expert commentary helps consumers, businesses, and investors around the globe navigate complex economic landscapes with confidence.

Frances Donald
Senior Vice President & Chief Economist

Frances Donald is the Chief Economist at RBC and oversees a team of leading professionals, who deliver economic analyses and insights to inform RBC clients around the globe. Frances is a key expert on economic issues and is highly sought after by clients, government leaders, policy makers, and media in the U.S. and Canada. She provides unique insights and actionable ideas on the macro-economic environment and financial markets across North America and is recognized for her ability to effectively communicate complex economic issues.

Frances joined RBC from another financial institution where she served as global chief economist and strategist. In this capacity, she was responsible for forecasting global macroeconomic and financial trends, analyzing the economy and capital markets for potential opportunities and risks, and serving as a thought leader both within the firm and externally.

She’s a frequent public speaker and regularly appears in international and Canadian media, including Bloomberg, CNBC, the Financial Post, the Globe & Mail and CBC.

Frances obtained a Bachelor of Economics from Queen’s University and earned her master’s degree in economics from New York University.

Robert Hogue
Assistant Chief Economist

Robert Hogue is responsible for providing analysis and forecasts on the Canadian housing market and provincial economies. His publications include Housing Trends and Affordability, Provincial Outlook and provincial budget commentaries. In his functions, he is frequently called to comment on the economy both internally within RBC and externally with clients and the media.

Robert joined RBC in May 2008 after spending 15 years with another Canadian financial institution as a senior economist specializing in industrial analysis. At the outset of his career, he spent four years as an economist with Ontario Hydro, where he specialized in industrial and macroeconomic analysis. Robert holds a Master’s degree in economics from Queen’s University and a Bachelor’s degree from Université de Montréal.

Nathan Janzen
Assistant Chief Economist

Nathan Janzen is an Assistant Chief Economist, leading the macroeconomic analysis group. His focus is on analysis and forecasting macroeconomic developments in Canada and the United States. Nathan has been with RBC since 2008 with a focus on covering the macroeconomic outlook for Canada and the United States. He has a MA in economics from McMaster University and a BA in economics from the University of Regina.

Cynthia Leach
Assistant Chief Economist

Cynthia is the Assistant Chief Economist, Thought Leadership at RBC. She helps shape the narratives and research agenda for the team’s structural economic and policy analysis, covering topics such as human capital, innovation, and trade. She joined the team in 2020.

Previously, Cynthia was an executive at Finance Canada, most recently heading a team responsible for housing finance policy. Cynthia holds an M.A. Economics degree from the University of Toronto.

Michael Reid
Senior U.S. Economist

Mike is responsible for generating RBC’s U.S. economic outlook, providing commentary on macro indicators and producing written analysis around the economic backdrop. He travels frequently to meet with RBC clients to share his insights on the U.S. economy. His work has been cited in the Wall Street Journal, New York Times, Barron’s, and MarketWatch. Mike worked as an economist for over a decade prior to joining RBC in 2022. He worked as a senior economist at Oxford Economics and before that, he worked as an economist at the Bureau of Economic Analysis, where he helped produce Personal Income and GDP estimates. Mike earned both his master’s and bachelor’s degrees in economics from Northeastern University in Boston.