{"id":38,"date":"2025-09-22T10:22:03","date_gmt":"2025-09-22T10:22:03","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?page_id=38"},"modified":"2026-03-18T15:21:15","modified_gmt":"2026-03-18T15:21:15","slug":"us-analysis","status":"publish","type":"page","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/","title":{"rendered":"U.S. Analysis"},"content":{"rendered":"\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel alignfull mar-b-0 mob-mar-b-0\"><div class=\"carousel-wpr\" aria-label=\"RBC Full Width Carousel\"><div class=\"col-wpr eh-wpr carousel-inner mar-0\">\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel-slide alignfull carousel-item\">\n<div class=\"wp-block-cover alignfull\" style=\"padding-top:60px;padding-right:60px;padding-bottom:60px;padding-left:60px;min-height:420px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"3067\" height=\"1850\" class=\"wp-block-cover__image-background wp-image-3119 size-large\" alt=\"\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/OIL2-compressed.png?quality=80&amp;w=1024\" data-object-fit=\"cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png 3067w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png?resize=300,181 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png?resize=768,463 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png?resize=1024,618 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png?resize=1536,927 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/OIL2-compressed.png?resize=2048,1235 2048w\" sizes=\"auto, (max-width: 3067px) 100vw, 3067px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim wp-block-cover__gradient-background has-background-gradient\" style=\"background:radial-gradient(rgb(6,147,227) 0%,rgb(3,26,55) 66%)\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-container-core-cover-is-layout-00d652c3 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h3 class=\"wp-block-heading has-white-color has-text-color has-link-color has-text-major-sm-font-size wp-elements-9b3fa92903015f503df69f98f9366f4c\" id=\"h-oil-price-shock-higher-us-inflation-could-weigh-on-consumers\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/oil-price-shock-higher-us-inflation-could-weigh-on-consumers\/\" target=\"_blank\" data-dig-id=\"LP-38-c098b9d6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Oil price shock: Higher US inflation could weigh on consumers\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Oil price shock: Higher US inflation could weigh on consumers<\/a><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel-slide alignfull carousel-item\">\n<div class=\"wp-block-cover alignfull\" style=\"padding-top:60px;padding-right:60px;padding-bottom:60px;padding-left:60px;min-height:420px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"2413\" height=\"875\" class=\"wp-block-cover__image-background wp-image-4239 size-large\" alt=\"\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?quality=80&amp;w=1024\" data-object-fit=\"cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png 2413w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?resize=300,109 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?resize=768,278 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?resize=1024,371 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?resize=1536,557 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/US-Infl-Slider.png?resize=2048,743 2048w\" sizes=\"auto, (max-width: 2413px) 100vw, 2413px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-40 has-background-dim\" style=\"background-color:#0f3c4f\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-container-core-cover-is-layout-00d652c3 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h3 class=\"wp-block-heading has-white-color has-text-color has-link-color has-text-major-sm-font-size wp-elements-a5cfe3f128ae2b01db072bea23574d79\" id=\"h-us-cpi-tariff-passthrough-building-beneath-the-surface-in-feb\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-cpi-tariff-passthrough-building-beneath-the-surface-in-feb\/\" target=\"_blank\" data-dig-id=\"LP-38-f6aae06c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"US CPI: Tariff passthrough building beneath the surface in Feb\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">US CPI: Tariff passthrough building beneath the surface in Feb<\/a><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel-slide alignfull carousel-item\">\n<div class=\"wp-block-cover alignfull\" style=\"padding-top:60px;padding-right:60px;padding-bottom:60px;padding-left:60px;min-height:420px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"2413\" height=\"875\" class=\"wp-block-cover__image-background wp-image-4562 size-large\" alt=\"\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?quality=80&amp;w=1024\" data-object-fit=\"cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png 2413w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?resize=300,109 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?resize=768,278 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?resize=1024,371 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?resize=1536,557 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/11\/Employment-slider.png?resize=2048,743 2048w\" sizes=\"auto, (max-width: 2413px) 100vw, 2413px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-rbc-bright-blue-background-color has-background-dim-30 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-container-core-cover-is-layout-00d652c3 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h3 class=\"wp-block-heading has-white-color has-text-color has-link-color has-text-major-sm-font-size wp-elements-19c1a89f4109deeb8ccc132c09e0f96c\" id=\"h-us-employment-report-cyclical-weakness-persists-as-payrolls-reverse-course\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-employment-report-cyclical-weakness-persists-as-payrolls-reverse-course\/\" target=\"_blank\" data-dig-id=\"LP-38-094fd904\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"November CPI \u2013 a gift for Fed Doves but proceed with caution\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">US Employment Report: Cyclical weakness persists as payrolls reverse course<\/a><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel-slide alignfull carousel-item\">\n<div class=\"wp-block-cover alignfull\" style=\"padding-top:60px;padding-right:60px;padding-bottom:60px;padding-left:60px;min-height:420px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"2413\" height=\"875\" class=\"wp-block-cover__image-background wp-image-4233 size-large\" alt=\"\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?quality=80&amp;w=1024\" data-object-fit=\"cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png 2413w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=300,109 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=768,278 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=1024,371 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=1536,557 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=2048,743 2048w\" sizes=\"auto, (max-width: 2413px) 100vw, 2413px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-40 has-background-dim wp-block-cover__gradient-background has-background-gradient\" style=\"background:linear-gradient(0deg,rgb(3,26,55) 21%,rgb(23,71,135) 55%)\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-container-core-cover-is-layout-00d652c3 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h3 class=\"wp-block-heading has-white-color has-text-color has-link-color has-text-major-sm-font-size wp-elements-5e0a717860ae1331417ef1405f0f895e\" id=\"h-us-supreme-court-ruling-does-not-mean-tariffs-are-going-away\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/us-supreme-court-ruling-does-not-mean-tariffs-are-going-away\/\" target=\"_blank\" data-dig-id=\"LP-38-e93c755c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"US Supreme Court ruling does not mean tariffs are going away\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">US Supreme Court ruling does not mean tariffs are going away<\/a><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-economics-blocks-rbc-full-width-carousel-slide alignfull carousel-item\">\n<div class=\"wp-block-cover alignfull\" style=\"padding-top:60px;padding-right:60px;padding-bottom:60px;padding-left:60px;min-height:418px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"2413\" height=\"875\" class=\"wp-block-cover__image-background wp-image-4233 size-large\" alt=\"\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?quality=80&amp;w=1024\" data-object-fit=\"cover\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png 2413w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=300,109 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=768,278 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=1024,371 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=1536,557 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/Generic-Slider.png?resize=2048,743 2048w\" sizes=\"auto, (max-width: 2413px) 100vw, 2413px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#032341\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-container-core-cover-is-layout-00d652c3 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h3 class=\"wp-block-heading has-white-color has-text-color has-link-color has-text-major-sm-font-size wp-elements-8f6d198daee6c16a0fec67f51c5897d0\" id=\"h-one-big-beautiful-bill-act-what-s-changing-and-why-it-matters-in-2026\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/one-big-beautiful-bill-act-whats-changing-and-why-it-matters-in-2026\/\" target=\"_blank\" data-dig-id=\"LP-38-c712e640\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"One Big Beautiful Bill Act: What\u2019s changing and why it matters in 2026\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">One Big Beautiful Bill Act: What\u2019s changing and why it matters in 2026<\/a><\/h3>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div><div class=\"carousel-ctrl mar-t-0\"><button class=\"carousel-prev slick-arrow\" aria-label=\"previous slide\"><\/button><button class=\"carousel-next slick-arrow\" aria-label=\"next slide\"><\/button><div class=\"carousel-indicators\"><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull pad-t-dbl mob-pad-t-dbl pad-b-dbl mob-pad-b-dbl pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0 has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"background-color:#f3f4f5\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns mar-b-0 mob-mar-b-0 is-layout-flex wp-container-core-columns-is-layout-92515837 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf\" id=\"h-latest-insights\">Latest Insights<\/h3>\n\n\n\t\t<div class=\"wp-block-rbc-rbccom-latest-posts one-column is-style-type-4\">\n\t\t\t\n\t\t\t\n<article class=\"post-card thought-leadership-template\">\n\t\t\t<div class=\"post-image\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/09\/Employment2-banner-compressed.png?quality=80&#038;w=1024\"\n\t\t\t\talt=\"US Employment Report: US labor market continues to weather shocks\"\n\t\t\t\/>\n\t\t<\/div>\n\t\t<div class=\"post-content\">\n\t\t<h4 class=\"post-title\">\n\t\t\t<a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-employment-report-us-labor-market-continues-to-weather-shocks\/\">\n\t\t\t\tUS Employment Report: US labor market continues to weather shocks\t\t\t<\/a>\n\t\t<\/h4>\n\n\t\t\t\t\t<p class=\"post-date\">April 3, 2026<\/p>\n\t\t\t\n\t<\/div>\n<\/article>\n\t\t<\/div>\n\t\t<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf\" id=\"h-u-s-week-ahead\">U.S. Week Ahead<\/h3>\n\n\n\t\t<div class=\"wp-block-rbc-rbccom-latest-posts one-column is-style-type-4\">\n\t\t\t\n\t\t\t\n<article class=\"post-card thought-leadership-template\">\n\t\t\t<div class=\"post-image\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/10\/FG-WA.png?quality=80&#038;w=1024\"\n\t\t\t\talt=\"The inflation mix the Fed can\u2019t manage\"\n\t\t\t\/>\n\t\t<\/div>\n\t\t<div class=\"post-content\">\n\t\t<h4 class=\"post-title\">\n\t\t\t<a href=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/the-inflation-mix-the-fed-cant-manage\/\">\n\t\t\t\tThe inflation mix the Fed can\u2019t manage\t\t\t<\/a>\n\t\t<\/h4>\n\n\t\t\t\t\t<p class=\"post-date\">April 2, 2026<\/p>\n\t\t\t\n\t<\/div>\n<\/article>\n\t\t<\/div>\n\t\t<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t mob-pad-t\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf\" id=\"h-featured-video\">Featured Video<\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"video-wpr\"><video class=\"video-player video-js\" poster=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/001.jpg\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/rbc_economics_20251118_horizontal_v2_v2-1080p.mp4\" data-dig-id=\"LP-38-b07f434a\" data-dig-category=\"LP\" data-dig-action=\"video play\" data-dig-label=\"rbc_economics_20251118_horizontal_v2_v2-1080p.mp4\"><p class=\"vjs-no-js\">To view this video please enable JavaScript, and consider upgrading to a web browser that <a href=\"http:\/\/videojs.com\/html5-video-support\/\" target=\"_blank\" rel=\"noopener\">supports HTML5 video<\/a><\/p><track kind=\"captions\" src=\"\" srclang=\"en\" label=\"English\" \/><\/video><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column pad-t mob-pad-t pad-b mob-pad-b pad-l mob-pad-l pad-r mob-pad-r has-background is-layout-flow wp-block-column-is-layout-flow\" style=\"background-color:#f3f7f8\">\n<h3 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-78518b7f2681ca64d5618acc69a67f47\" id=\"h-five-themes-for-the-us-economy-in-2026\"><br><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/five-themes-for-the-us-economy-in-2026\/\" target=\"_blank\" data-dig-id=\"LP-38-81183a49\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Five themes for the US economy in 2026\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Five themes for the US economy in 2026<\/a><\/h3>\n\n\n\n<p>We\u2019re looking ahead to what\u2019s important for the U.S. economy in 2026. There are five key themes we see shaping structural and cyclical forces. RBC Economics&#8217; Frances Donald explains our outlook.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading mob-mar-b-hlf mar-b-hlf mar-t-dbl mob-mar-t\" id=\"h-featured-analysis\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/us-featured-analysis\/\" target=\"_blank\" data-dig-id=\"LP-38-76f02de7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Featured Analysis\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Featured Analysis<\/a><\/h2>\n\n\n\n\t\t<div class=\"mar-b mob-mar-b-hlf wp-block-rbc-resources-by-category\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"carousel-ctrl display-ctrl\">\n\t\t\t\t\t\t\t<div class=\"carousel-indicators\">\n\t\t\t\t\t\t\t\t<ul class=\"slick-dots\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"slick-active\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<button class=\"carousel-prev slick-arrow\"><\/button>\n\t\t\t\t\t\t\t<button class=\"carousel-next slick-arrow\"><\/button>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"col-wpr carousel-inner slick-initialized\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7831\" class=\"carousel-item col-4 resources-by-category-card post-7831 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-oil-price tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/oil-price-shock-higher-us-inflation-could-weigh-on-consumers\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/OIL2-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Oil price shock: Higher US inflation could weigh on consumers<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">March 10, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7384\" class=\"carousel-item col-4 resources-by-category-card post-7384 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-tariffs tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/us-supreme-court-ruling-does-not-mean-tariffs-are-going-away\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/Generic-Compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US Supreme Court ruling does not mean tariffs are going away<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">February 20, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7166\" class=\"carousel-item col-4 resources-by-category-card post-7166 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-household tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/one-big-beautiful-bill-act-whats-changing-and-why-it-matters-in-2026\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/Generic-Compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">One Big Beautiful Bill Act: What&#8217;s changing and why it matters in 2026<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">February 12, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-6933\" class=\"carousel-item col-4 resources-by-category-card post-6933 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-inflation tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/deep-dive-how-to-monitor-us-inflation-in-2026\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/infl-US-small.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Deep dive: How to monitor US inflation in 2026<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">February 3, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-5317\" class=\"carousel-item col-4 resources-by-category-card post-5317 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-tariffs tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/five-themes-for-the-us-economy-in-2026\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/US-2026-test-banner5_61796e.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Five themes for the US economy in 2026<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">December 3, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-4986\" class=\"carousel-item col-4 resources-by-category-card post-4986 post type-post status-publish format-standard has-post-thumbnail hentry category-us-featured-analysis category-us-analysis tag-household tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/how-household-wealth-is-helping-drive-consumption-in-the-us\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/Generic-Compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">How household wealth is helping drive consumption in the US<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">November 18, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n\n\n<h2 class=\"wp-block-heading mob-mar-b-hlf mar-b-hlf mar-t-dbl mob-mar-t\" id=\"h-data-flashes\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/\" target=\"_blank\" data-dig-id=\"LP-38-c94f8b8d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Data Flashes\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Data Flashes<\/a><\/h2>\n\n\n\n\t\t<div class=\"mar-b mob-mar-b-hlf wp-block-rbc-resources-by-category\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"carousel-ctrl display-ctrl\">\n\t\t\t\t\t\t\t<div class=\"carousel-indicators\">\n\t\t\t\t\t\t\t\t<ul class=\"slick-dots\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"slick-active\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<button class=\"carousel-prev slick-arrow\"><\/button>\n\t\t\t\t\t\t\t<button class=\"carousel-next slick-arrow\"><\/button>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"col-wpr carousel-inner slick-initialized\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-9010\" class=\"carousel-item col-4 resources-by-category-card post-9010 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-labour-market tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-employment-report-us-labor-market-continues-to-weather-shocks\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/09\/Employment2-banner-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US Employment Report: US labor market continues to weather shocks<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">April 3, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-8388\" class=\"carousel-item col-4 resources-by-category-card post-8388 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-fed tag-inflation tag-labour-market tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fomc-recap-fed-remains-on-pause-with-uncertain-path-ahead\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">FOMC Recap: Fed remains on pause with uncertain path ahead<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">March 18, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7887\" class=\"carousel-item col-4 resources-by-category-card post-7887 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-consumer-spending tag-inflation tag-oil-price tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-cpi-tariff-passthrough-building-beneath-the-surface-in-feb\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/07\/inf-US.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US CPI: Tariff passthrough building beneath the surface in Feb<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">March 11, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7753\" class=\"carousel-item col-4 resources-by-category-card post-7753 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-labour-market tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-employment-report-cyclical-weakness-persists-as-payrolls-reverse-course\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/09\/Employment2-banner-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US Employment Report: Cyclical weakness persists as payrolls reverse course<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">March 6, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7352\" class=\"carousel-item col-4 resources-by-category-card post-7352 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-gdp tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-gdp-q4-growth-distorted-by-government-shutdown-but-underlying-momentum-persists\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/04\/GDP-US.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US GDP: Q4 growth distorted by government shutdown &#8211; but underlying momentum persists<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">February 20, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7233\" class=\"carousel-item col-4 resources-by-category-card post-7233 post type-post status-publish format-standard has-post-thumbnail hentry category-us-data-flashes category-us-analysis tag-inflation tag-tariffs tag-u-s\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/inflation-moderated-in-january-but-dont-expect-it-to-last\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/07\/inf-US.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Inflation moderated in January but don\u2019t expect it to last<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">February 13, 2026<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group is-layout-constrained 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