{"id":2932,"date":"2026-06-11T00:00:00","date_gmt":"2026-06-11T00:00:00","guid":{"rendered":""},"modified":"2026-06-11T15:24:01","modified_gmt":"2026-06-11T15:24:01","slug":"the-10-minute-take","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/the-10-minute-take\/","title":{"rendered":"Podcast: The 10-Minute Take"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group mar-b-hlf mob-mar-b-qtr has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"background-color:#f4f8f9\">\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\"><em>Macroeconomics for everybody! The 10-Minute Take podcast from RBC Economics will explain (in simple terms) what the latest economic data means and why you should care. It\u2019s everything you wanted to know but were too shy to ask \u2014 in less than 10 minutes.<\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or<a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\" Captivate.fm\" class=\"rbc-link-format\"> Captivate.fm<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">11&nbsp;June&nbsp;2026<\/p>\n\n\n\n<h4 id=\"h-s4-e11-canada-s-economic-reality-check-world-cup-buzz-won-t-distract-from-real-headwinds\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E11 Canada&#8217;s economic reality check: World Cup buzz won&#8217;t distract from real headwinds<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The 2026 FIFA World Cup has officially started with games spanning cities across North America, drawing spectators from all over the world. But as it creates buzz, it won&#8217;t distract from the headwinds still facing Canada\u2019s economy.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In Q1, gross domestic product contracted by a small annualized 0.1% to mark a second consecutive decline. However, the contraction is marginal and narrow\u2014not the kind of sharp, persistent, and broad-based deterioration typical of recessions in the past.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The World Cup in coming months will give Canada&#8217;s economy a temporary lift. In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone break down Canada&#8217;s underlying economic trends as FIFA games gets underway.<\/p>\n\n\n\n<p class=\"mar-b mob-mar-b-hlf wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/a1e80590-8f0d-4eee-a528-ad9659fb5e3b\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible mar-b-hlf mob-mar-b-qtr mar-t-hlf\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse32e53615\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse32e53615\" data-dig-id=\"LP-The10-MinuteTake-2932-32e53615\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Transcript\"><div>Transcript<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse32e53615\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\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<p class=\"wp-block-paragraph\"><strong>Intro<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hello and welcome back to the 10-Minute Take. I&#8217;m your host, Claire Fan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And I&#8217;m Carrie Freestone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Claire, we&#8217;re officially in World Cup season. 13 games in Canada and 78 in the U.S. \u2013 it&#8217;s quite the spectacle. And honestly, you&#8217;d think with all the excitement, we&#8217;d be looking at a major economic boost this year. But the reality is a lot more nuanced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. The FIFA buzz is real, but so are the economic headwinds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last Friday, Statistics Canada reported Canada posted a second decline in quarterly GDP growth. The World Cup will provide a boost in Q2 \u2013 no question \u2013 but it won&#8217;t distract from the bigger challenges: U.S. tariffs and elevated oil prices that continue to fuel uncertainty for households and businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So today, we&#8217;re unpacking what that all means. We&#8217;ll walk through why Canada&#8217;s recent economic slowdown is more complicated than headlines suggest, what the World Cup adds to the economy overall, and why policymakers won&#8217;t be fooled by the summer boost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you&#8217;re thinking about summer spending, worried about a recession or just trying to make sense of the economic landscape heading into the second half of 2026, this episode is for you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s dig in.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 1: The Q1 Slowdown \u2013 What Really Happened<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, Claire, let&#8217;s start with the elephant in the room. Canada&#8217;s economy contracted in Q1. That sounds bad. How bad is it, really?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It sounds worse than it is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The headline is that real GDP edged down 0.1% on an annualized basis in Q1 \u2013 a second consecutive quarterly decline following a larger 1% contraction in the prior quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The definition of a recession is not as simple as two straight quarterly GDP declines. It\u2019s characterized as a widespread, sustained, decline in economic activity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And when you actually look at the Q1 GDP details in terms of the depth of the contraction, the breadth and duration of it, it becomes clear things have softened, but are nowhere near a recession at this stage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay yeah the depth and duration parts are fairly intuitive. GDP fell very marginally in Q1 \u2013 0.1% &#8211; to mark a second consecutive contraction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I want to zoom in on the breadth, which is less obvious to our listeners. Tell us Claire why the slowdown in Q1 didn\u2019t meet recession standards when it comes to how broad it was. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For sure. So first, the GDP decline in Q1 was not driven by weakness across the board. When we dig into the details, consumer spending actually rose at an annualized 1.5%, supported by strong services spending \u2013 on health care and insurance and financial services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Government spending did pull back in Q1, but that only reversed half of the increase in Q4 2025. So spending in Q1 was actually still historically high, and more than 9% above where it was a year ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, on the private business side, we saw increased investment in software, mineral exploration, and transport equipment including aircraft offset by persistently weaker residential investment. There was also a large 10% subtraction in oil and gas capital expenditure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s still significant. But to your point, it does sound like softness in Q1 was rather concentrated in a few pockets while the rest of the economy grew.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. This was also not the first quarter that growth contracted on a narrow basis. In Q4 2025, the backdrop was similar. The headline decline was entirely driven by a large drawdown in inventory while domestic households, governments and businesses all spent more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Coming in Q2, whether that resilience, especially on the households and businesses\u2019 side will hold up is a key question given persistently elevated fuel costs. That would squeeze households\u2019 purchasing power and business operating margins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is also important context for understanding what the World Cup could do for the economy next.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 2: Enter the World Cup \u2013 A Temporary Economic Boost<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, let&#8217;s talk about FIFA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Can you give an overview of how a big sporting event like FIFA usually impacts GDP growth in Canada?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yup that\u2019s a great place to start.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think about it this way: when 650,000 spectators come to Canada for World Cup games this summer, their attendance will boost output in arts, entertainment and recreation. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But there\u2019s more. These spectators are also filling hotels, eating at restaurants, buying merchandise, and attending related events. That related spending will trickle through to support activities in accommodation, food services and retail sectors, which can be pretty sizable as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do we have historical precedent for how big these boosts can be?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We do, and the numbers are interesting. The 2010 BC Winter Olympics drew about 1.5 million spectators \u2013 a little bit more than the 2015 FIFA Women&#8217;s World Cup. During the months those events took place, real GDP for performing arts and sporting events spiked 12 to 13%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, the BC Winter Olympics added about 0.1% to monthly GDP growth in February 2010. The 2015 women&#8217;s World Cup contributed roughly half that \u2013 about 0.05% to 0.1%. Annualizing those gains, we\u2019re looking at 0.1% add to quarterly GDP spread over Q2 and Q3 this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay. That doesn\u2019t sound like a lot?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It doesn\u2019t. In fact, we will likely see the boost more visibly in industry details, specifically in the sectors I highlighted just now, than in the headline quarterly GDP data. What\u2019s more important is gains associated with events tend to reverse quickly. They are not a sustainable source of economic growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the BC Winter Olympics, the boost to performing arts and sporting events industry reversed immediately in March after the event ended in February. The gains from the 2015 women&#8217;s World Cup lasted a bit longer, because the Pan American Games followed in July, but eventually, that also unwound.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 3: The Household Spending Reality Check<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s what I want to dig into, though.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Canadian households, like you mentioned earlier in this episode, are under increased pressure. Debt relief from BoC rate cuts are running its course, fuel costs are high, and job market uncertainty persists. Does that change how people could spend during the World Cup?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s the real question. So far, Canadian households on an aggregate level have shown resilience through a difficult period. But, not at the lower end of the income scale where challenges are more acute.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This could potentially have an impact on FIFA or general leisure spending. Consumers might still make it out to the games, but are more likely to be cutting back elsewhere instead. In order to preserve some of spending power through a period of prolonged economic uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That means the GDP gain could end up being smaller than expected?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Potentially, yes. And again, regardless of the size of the gain, its temporary nature is why we don\u2019t expect us or policymakers to change our assessment of the economy in a drastic way. Bottom line is we\u2019ll see a boost to activities, but it\u2019s not a lasting comeback.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 4: Will Policymakers Actually Care?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And what about prices? We know prices for hotel and restaurant dining can rise quite a bit during the months when these large events drive a surge in demand in host cities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Are we concerned about that?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not really. I mean the context here is oil prices are already elevated. That\u2019s drawing concerns about inflation among policymakers. But also, inflation trends in Canada have softened significantly in early 2026, so the starting point is low.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, hotel prices in April were still below peak levels from early 2022. Even though, they&#8217;ve fluctuated a lot since then. Prices for restaurant dining declined March and April but are still up about 3% from a year ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spectator entertainment prices have risen more substantially in recent years, but they represent just 0.3% of the overall consumer spending basket. That&#8217;s tiny. Policymakers understand the World Cup is a one-time event. They&#8217;re not going to overreact to summer data volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what are they watching instead?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Things that matter for the real economy: Is hiring recovering? Are households spending sustainably, or just substituting FIFA spending while scaling back on others? Finally, is underlying inflation changing outside of restaurant and travel accommodation, and already elevated gasoline component?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bottom line here is: enjoy the World Cup. It&#8217;ll be good for the economy, but don&#8217;t confuse a temporary boost with a comeback story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Indeed. Real economic challenges\u2014tariffs and high energy costs\u2014persist, and that&#8217;s what we and policymakers will be watching. Thanks for tuning in. We&#8217;ll catch you again in two weeks.<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-label=\"Captivate\" data-dig-action=\"link click\" data-dig-category=\"LP-The10-MinuteTake\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">28&nbsp;May&nbsp;2026<\/p>\n\n\n\n<h4 id=\"h-s4-e10-why-an-energy-shock-isn-t-breaking-the-u-s-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E10 Why an energy shock isn\u2019t breaking the U.S. economy<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">U.S. headline inflation just posted its hottest print in nearly three years, driven by surging energy prices and sticky core inflation pressures.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">At the same time, labour market data is looking solid, and growth hasn\u2019t meaningfully slowed. We have yet to see signs of Stagflation Lite materializing, and don\u2019t expect the oil price shock will tip the economy into a recession.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics\u2019 Carrie Freestone and Claire Fan explain:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether hot US inflation is purely an energy story\u2014or if pressures are building beneath the surface.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why the Fed stays put even as the labour market holds up.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What it would take from a jobs\u2019 perspective to trigger a recession in the U.S.\u2014and why it\u2019s unlikely.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/dfb3aa76-d270-46eb-a583-fbe389693419\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible mar-b-hlf mob-mar-b-qtr mar-t-hlf\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse32e53615\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse32e53615\" data-dig-id=\"LP-The10-MinuteTake-2932-32e53615\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Transcript\"><div>Transcript<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse32e53615\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\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<p class=\"wp-block-paragraph\"><strong>00:00:01 &#8211; 00:00:26<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Welcome back to the Ten Minute Take. I&#8217;m your host Carrie Freestone, and I&#8217;m Claire fan. It&#8217;s been a while since we&#8217;ve provided a recap on the US economy. We did an episode back in March with our ahead of US research, Mike Reed on how higher energy prices would impact inflation. Well, now those higher prices have shown up. And in fact, US headline inflation just had its hottest print in nearly three years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:00:26 &#8211; 00:00:57<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The last time though, we talked about the US economy. A lot of concerns were revolving around this sort of stagflation backdrop. So the inflation side looks like is heating up. But the US economy is clearly not in a recession. Exactly. And the labor markets actually look better in recent months. So let&#8217;s catch up on the latest developments on both sides of the Fed&#8217;s mandate, and we&#8217;ll explain why the energy shock isn&#8217;t likely to trigger a recession in the US.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:00:57 &#8211; 00:01:23<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So we&#8217;re doing a catch up on the state of the US economy in this episode of the ten Minute. And why don&#8217;t we get started with the hottest topic. And that is inflation. I see what you did there. We&#8217;ve been above 2% now for more than five years. But while we&#8217;ve made some progress that was largely derailed by the Middle East conflict stripping out food and energy, though, core inflation has largely been stuck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:01:23 &#8211; 00:01:53<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Right. But before we get to core inflation, what kind of an impact have higher prices had on inflation in the United States? And is the inflation story exclusively about energy? So it&#8217;s not exclusively an energy story, but energy prices have risen significantly. They&#8217;re up 15% overall from February as of April. Gas prices have jumped 28% during that time period, so energy is driving the bulk of headline inflation in April.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:01:53 &#8211; 00:02:21<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Month over month price growth in headline was above 0.6%. Energy accounted for nearly half of that. Actually, if you strip out energy price inflation in March and April, headline inflation would have likely been in line with core inflation at 2.8%. Now, that ignores spillovers and other sectors, which we can&#8217;t directly observe. But still, my argument is headline inflation is about a full percentage point above where it would otherwise be if energy hadn&#8217;t spiked.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:02:21 &#8211; 00:02:42<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Right. So it sounds like the spike higher and inflation in April specifically has a lot to do with energy prices, like you said. But we did talk about how core inflation has been pretty stubborn at higher levels as well. And coming into this year is actually accelerated. So tell me a bit more on what&#8217;s really driving trends there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:02:42 &#8211; 00:03:05<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay. So it is a few things I think. First off, it&#8217;s really important to acknowledge that there were after effects related to the government shutdown that led to a one month spike in housing inflation in the aftermath of the government shutdown. We were missing inflation data for housing for October 2025, which affected the monthly data really until last month&#8217;s report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:03:05 &#8211; 00:03:27<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The impact of the government shutdown will have finally fallen off as of May. But we did see that, you know, impact the data for April, which is what we expected. But aside from housing, there were pressures in other areas. Core services, excluding housing, were up 3.3% year over year, and it&#8217;s been heating up since January and proving to be quite sticky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:03:27 &#8211; 00:03:53<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at trade exposed sectors weren&#8217;t a situation now where deflation in used autos is masking price pressures seen in other trade exposed sectors. For example, in April we saw price pressures in clothing IT goods like cell phones and computers and personal care products as well. Okay, so sounds like definitely is a confluence of different factors driving inflation pressures in the US right now.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:03:53 &#8211; 00:04:17<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So do we think core inflation has peaked already or are we so expecting it would accelerate later in 2026. So we actually expect core inflation is going to peak later this year. We have it peaking around 3% at the end of the year, so likely we haven&#8217;t seen the full impact just yet. And some of that will continue to reflect sort of the delayed tariff pressure story I would assume.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:04:17 &#8211; 00:04:44<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, exactly. Okay. So we&#8217;re still in the midst of this reality where inflation is running really hot, but labor market on the other side of the story, it looks okay, right? Yeah. So the latest labor market data is actually looked quite strong. If you look at nonfarm payrolls. Both March and April showed over 100,000 jobs were added. And this is well above the pace of break even employment, which is actually quite low.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:04:44 &#8211; 00:05:11<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But it&#8217;s important to keep in mind that March and April gains were on the back of weakness earlier on. Over the past six months, the US economy has only added about 55,000 jobs on average, so that really isn&#8217;t many. Considering that in the decade between 2010 and 2020, we averaged about 183,000 jobs per month. We&#8217;re still very much bearing witness to a story of low new job creation and low firing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:05:11 &#8211; 00:05:40<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the US, the unemployment rate has also held largely steady over the past six months. Right. Yeah. Those nuances are important. So looks like there&#8217;s some level of resilience. But overall it isn&#8217;t near anywhere that&#8217;s considered historically strong. So how does that impact our view on the Fed&#8217;s path moving forward? To our rate strategists think this will put the fed in a position that they&#8217;re more likely to hike rates, given that inflation is heating up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:05:40 &#8211; 00:06:08<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So our rate strategist Blake Glenn and Isaac Brook expect the fed will remain on the sidelines for now. We&#8217;ve removed cuts from our forecast in 2027, but we don&#8217;t have hikes penciled in. We&#8217;ve said it before and I think it&#8217;s important to reiterate this monetary policy just isn&#8217;t set up to address an oil price shock or tariffs. And with downside risk to labor accompanying upside risk to inflation, we expect the fed will have to wait for more incoming data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:06:08 &#8211; 00:06:36<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, that was the perfect segue to my next question. You mentioned downside risk to labor market. Let&#8217;s dig deeper on this. So we frequently get as about recession risk from the energy shock. Our team has been pretty vocal about the impact of the oil price shock and to be relatively net neutral on the Canadian economy. But similarly, I think we also are not expecting a recession while unfold in the United States.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:06:36 &#8211; 00:06:56<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given what&#8217;s happening in sort of the commodity market, can you explain why that is the case or if that is the case? Yeah. So I mean, I will talk about the worst case scenario from a jobs perspective, but I just want to start by saying that we are coming from a place of relative strength in the US. Q1 growth came in at 2%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:06:56 &#8211; 00:07:26<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s pretty solid. The unemployment rate is sitting at 4.3%, which is exceptionally low. So on aggregate, the US economy is very obviously not in a recession, and most major data releases look solid from payrolls, industrial production and retail sales. We are seeing weakness in trade related sectors, but on aggregate things look okay. I also think it&#8217;s important to acknowledge that one big, beautiful bill, act tax benefits, are going to absorb some of the energy shock.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:07:26 &#8211; 00:07:49<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tax refunds currently are up about 17% year to date, and we do expect that these returns will act as a buffer against higher gas prices. Since retail sales have shown few signs of meaningful demand destruction. I think it&#8217;s important to acknowledge that tax returns, though, are not evenly distributed across the income spectrum, and the personal savings rate has fallen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:07:49 &#8211; 00:08:13<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But there&#8217;s still room to run, and the risk is that consumers pull back more meaningfully as they continue to save less. But we&#8217;re just not at that point yet. So lastly, you know, we&#8217;ve asked about what it would take and how we could see a recession. My colleagues, Mike Reid and Emery Hagen, estimated that it would take nearly 1 million job losses by the end of the year in order to trigger the som rule.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:08:13 &#8211; 00:08:34<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And I think we&#8217;ve talked about the same rule way back in prior episodes. But essentially, when the unemployment rate rises rapidly, the som rule does a pretty good job capturing the acceleration, job losses and signals that a recession is imminent. So that, again, would require 1 million job losses by the end of the year. How could we lose a million jobs by year end?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:08:34 &#8211; 00:08:57<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This would basically only happen if all sectors laid off enough workers to offset the hit to their margins, resulting from higher input costs, without passing off higher costs at all. But it&#8217;s important to emphasize that this really just doesn&#8217;t reflect our current reality, especially because we just talked about how hot the inflation data is. Higher costs are clearly being passed off.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:08:57 &#8211; 00:09:36<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We saw April PPI accelerate at the fastest pace since 2022, and CPI is also clearly elevated. So all this goes to show, you know, we&#8217;re not tracking a recession right now. And in fact, we&#8217;re not even close to tracking a recession. That&#8217;s very interesting. So yeah sounds like some resilience does remain both within sort of the business sectors and partially because of, to your point, their ability to be passing on some of these cost increases to consumers and also, by extension, the resilience that we&#8217;ve seen in consumers and households in terms of being able to absorb some of these price increases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>00:09:36 &#8211; 00:09:52<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This has been a really loaded episode. We will continue to keep our listeners up to date on the latest developments with the US data. Facing derives from external shocks. That&#8217;s all for this week. Thanks for listening and we&#8217;ll see you in two weeks.<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-label=\"Captivate\" data-dig-action=\"link click\" data-dig-category=\"LP-The10-MinuteTake\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">14&nbsp;May&nbsp;2026<\/p>\n\n\n\n<h4 id=\"h-s4-e9-why-canada-s-jobs-market-is-more-resilient-than-it-looks\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E9 Why Canada&#8217;s jobs market is more resilient than it looks<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Softening&nbsp;in&nbsp;Canada\u2019s&nbsp;headline&nbsp;labour&nbsp;market&nbsp;data&nbsp;this&nbsp;year&nbsp;masks&nbsp;a&nbsp;more&nbsp;encouraging&nbsp;underlying&nbsp;story.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Job losses remain concentrated in tariff-exposed sectors, layoffs are declining, and hiring is beginning to rebound\u2014all signs of resilience beneath the surface.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In&nbsp;this&nbsp;episode&nbsp;of&nbsp;the&nbsp;10-Minute&nbsp;Take,&nbsp;RBC&nbsp;Economics&#8217;&nbsp;Claire&nbsp;Fan&nbsp;and&nbsp;Carrie&nbsp;Freestone&nbsp;discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What&nbsp;hidden&nbsp;unemployment&nbsp;means&nbsp;and&nbsp;whether&nbsp;it&#8217;s&nbsp;rising.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How&nbsp;&#8220;low&nbsp;hire,&nbsp;low&nbsp;fire&#8221;&nbsp;dynamics&nbsp;disproportionately&nbsp;affect&nbsp;younger&nbsp;job&nbsp;seekers.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why labour supply is expected to tighten as hiring demand recovers later in 2026.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/7a2b8617-a3ee-4c40-ae50-f9d70ac5fab7\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible mar-b-hlf mob-mar-b-qtr mar-t-hlf\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse32e53615\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse32e53615\" data-dig-id=\"LP-The10-MinuteTake-2932-32e53615\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Transcript\"><div>Transcript<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse32e53615\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\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<p class=\"wp-block-paragraph\"><strong>Intro<\/strong><\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-684fe670175a205a3f977127c110eccc wp-block-paragraph\">Hello and welcome back to the 10-Minute Take. I&#8217;m your host, Claire Fan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And I&#8217;m Carrie Freestone.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-04676f2db313c22bc98388519e6897a7 wp-block-paragraph\">Time flies! Between covering tariffs, geopolitical tensions, and AI (thanks Imri for covering btw), we&#8217;re already halfway through May and the season.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019re right, it does go quickly! As we head into mid-2026, it\u2019s a good time to check the pulse of the jobs\u2019 market. Many in Canada are wondering whether job losses this year will accelerate, or if hiring will pick up now that the economy is in recovery mode.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-ca4baab0a5df86c96bee075db12ea49c wp-block-paragraph\">We think the answer lies in the details. and that&#8217;s what we&#8217;re diving into today, on a few key critical trends that suggest optimism in Canada\u2019s jobs market despite the gloomy headlines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We hope this discussion will help listeners understand what&#8217;s happening in the jobs market\u2014whether you&#8217;re looking for a job, worried about yours, or just naturally curious.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-50667b44976ea1f446324cc2ab2dca75 wp-block-paragraph\">Alright, my sleeves are already rolled up. Let\u2019s get started.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 1<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So Claire, let&#8217;s start with the big picture. Canada&#8217;s labour market has been through quite a bit. What&#8217;s your read on where we are right now?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-e350dd29b5342d69fede107cb1fe523a wp-block-paragraph\">I think the key insight is that after years of softening following the last BoC tightening cycle, Canada&#8217;s labour market actually started improving in late 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, the recovery hasn&#8217;t been smooth. In fact, it&#8217;s been uneven and slow. Here\u2019s something &nbsp;that also complicates the story: Population growth slowed sharply last year, which fundamentally changes what we should consider &#8220;strong&#8221; or &#8220;weak&#8221; job growth.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-47f1dbd95740cf82f8c3177a2afe3156 wp-block-paragraph\">That means headline numbers alone don&#8217;t tell us much without that context. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s an important point. So, if we can&#8217;t just look at headline employment numbers, what should we be paying attention to?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-50b458bba30dfdcbcbb41a3302995785 wp-block-paragraph\">Great question. When aggregate employment data is less reliable than usual as a gauge of labour market health, the underlying details matter more than ever.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When we look at those details, we actually see some encouraging signs. For a quick overview, job losses in Canada have been large, but concentrated in a few sectors. Permanent layoffs are declining, hidden unemployment is stable, and hiring is starting to rebound.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-a4a799557a71fbde1b07be0bbaded9c9 wp-block-paragraph\">These things tell us there&#8217;s resilience underneath.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Okay let&#8217;s dig into each of them. You mentioned concentrated job losses in Canada\u2014how and why is that the case? What\u2019s really driving them?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-c56e15b6fca978dc0f7bf6487ab80a8d wp-block-paragraph\">U.S. tariffs have hit exposed Canadian industries hard, driving job losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Employment in sectors heavily dependent on U.S. demand, defined as having more than 35% of jobs tied to U.S. demand, fell 2% since February 2025. That\u2019s an acceleration from the 1% loss seen in the year before. But here&#8217;s the critical part: That weakness has not spread. Other sectors that focus on domestic demand saw 1% job growth over the same two-year period.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-0a49342683bfd5a878fe6b35ed3255ea wp-block-paragraph\">Roughly sizing these industries, how big are they as a share in Canada\u2019s employment?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Statistics Canada estimates that in 2024, U.S. demand accounted for about 12% of total Canadian employment.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-bc8619eb8b48f4d60b2f40038939bebe wp-block-paragraph\">But for manufacturing, that share is much higher. About 41%, and in auto manufacturing and aluminum production and processing, it exceeds two-thirds. So very sizable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Essentially, Canada\u2019s labour reality is bifurcated. There is real pain in a specific corner, but the vast majority of jobs\u2014roughly 90% that focus on domestic demand\u2014are still seeing job growth.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-98f5bddc2e0efc116535763b36c49f2e wp-block-paragraph\">Moving forward, we expect healthy spending from households, businesses, and governments within Canada to support further expansion in these sectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, the economy isn&#8217;t doing what we may have feared initially from U.S. tariffs\u2014spreading the pain.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-4f6b30e48013bc8068f0b4b1ada76980 wp-block-paragraph\">What about overall layoffs? Are they rising, falling, or about the same?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite persistent job losses in tariff exposed sectors, layoffs in Canada have actually been falling since late 2025. This dynamic is best characterized &#8220;low hire, low fire&#8221;.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-5c0361a36d15a2da4c00ee0e7332a524 wp-block-paragraph\">So companies aren&#8217;t firing, they&#8217;re just being cautious about hiring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. Persistently weak hiring obviously isn\u2019t healthy. By our count, that has pushed the share of new jobs to total employment down near a record low in March.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-340d7b71515ef8decc8db62c60f9f301 wp-block-paragraph\">The good news is we\u2019re seeing tentative signs of improvement. Early in 2026, both temporary layoffs and future job starts have risen. This tells us there is growth ahead since those represent workers that are currently unemployed, but have jobs lined up to return to or start soon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interesting!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part 2<\/strong><\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-a58bd5189880ccef0584188abfa32004 wp-block-paragraph\">Okay let\u2019s talk about the unemployment rate in Canada. We have mentioned many times in the past why we should be paying more attention to the unemployment rate than headline employment numbers. Claire can you briefly talk about the why?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sure. that\u2019s because it\u2019s a better gauge of supply-demand dynamics in the job market. Filtering out non-cyclical trends like immigration policy changes that can influence headline employment numbers quite a bit. The u-rate is also more stable, and less revised over time.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-dd828037037023d21f32f466bbced837 wp-block-paragraph\">There is, however, one occasion where it can miss the underlying weakness in the jobs market. And that\u2019s when hidden unemployment rises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And what is hidden unemployment?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-3b9593e310da42e76724cf962aec0022 wp-block-paragraph\">Hidden unemployment can occur when more people work part-time instead of the full-time jobs they want, or when job seekers get discouraged and drop out of the labour force entirely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In both cases, these workers are not technically unemployed. So they are not captured in the official unemployment rate. But here&#8217;s what&#8217;s reassuring: Statistics Canada does produce broader unemployment measures like the R-8 rate. That includes these sources of unemployment, so it\u2019s easier to see when those distortions are occurring.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-fbfde0c2a7009bf7e799301077a8f6ad wp-block-paragraph\">So far, what we\u2019re seeing is the R-8 unemployment rate that remains closely aligned with the official R-4 rate. Both have been relatively unchanged from a year ago, suggesting there isn&#8217;t much hidden weakness beyond what the official measure already captures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hmm. What about younger job seekers? There\u2019s been a lot of concern with higher unemployment among young adults. Any signs there\u2019s more weakness beneath the surface?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-83f91c5c44c59333f6a37f5e30df9f75 wp-block-paragraph\">Not really. Like you said, weak hiring has disproportionately affected young job seekers entering the labour market, as they tend to make up more of the job seekers at a given time. And that\u2019s driven elevated unemployment in this age group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, there\u2019s limited signs of hidden unemployment among young Canadians. Statistics Canada&#8217;s data on NEETs\u2014young adults not employed or in school\u2014remained close to pre-pandemic levels in 2025. That\u2019s telling us young people haven&#8217;t abandoned their job searches in significant numbers. That persistence could be rewarded this year as hiring is expected to bounce back.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-64e6679fce7ba9e4156404dd3f08baf4 wp-block-paragraph\">Okay let\u2019s talk more broadly about labour demand and supply trends. You mentioned improvements in 2026. What does that look like?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, business hiring intentions were improving in early 2026, according to the Bank of Canada&#8217;s first quarter Business Outlook Survey. Firms were planning to hire more workers to boost productivity and capacity, not just keep the lights on.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-c41be9ea9f530ea89bd9847320e99880 wp-block-paragraph\">That likely reflects increased household spending through 2025, and easing trade concerns among companies less exposed to U.S. tariffs. Now the question is: Did that change after the Middle East conflict broke out. Early data is saying no.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CFIB Business Barometer index that\u2019s surveyed among Canadian SMEs did soften in March and April, but it stayed well above levels a year ago. And here&#8217;s the kicker: The share of small businesses expecting to add jobs over the next few months actually continued to rise in April. That\u2019s a pretty solid signal of resilience in the near term.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-9b080412ca9c0f96b901e54cd2e564bd wp-block-paragraph\">Very encouraging indeed. Okay, let\u2019s wrap up this episode with labour supply. We know Canada\u2019s population growth is slowing sharply due to government\u2019s effort to contain immigration. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How do we expect that to shape labour supply this year?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-918d8052c1c2f264b22b1cfcc8a10a53 wp-block-paragraph\">Well slower immigration not only means less labour supply on the aggregate, but also a faster aging labour force.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Immigration tends to attract younger workers and families. So, rapid immigration between 2022 and 2024 was enough to temporarily offset the decline in labour force participation from an aging population and rising retirement. But when immigration slowed in 2025, that decline resumed.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-610a944f49ee46c4a6141f9e012dd279 wp-block-paragraph\">By spring of 2026, Canada&#8217;s labour force participation rate hit its lowest level since 1997, excluding the pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s a significant impact on participation from aging demographics.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-dbd88c3ddb9648ad9476f71676eab9d4 wp-block-paragraph\">It really is. In the last year, more than 300,000 workers on average reported they retired\u2014a record high. With retirements accelerating and immigration remaining sluggish, Canada\u2019s labour supply will continue to tighten this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So putting it all together, what does this mean for Canada\u2019s labour market in 2026?<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-82eda6a917e80b635f8ac0bdb424c9f9 wp-block-paragraph\">Well, hiring will continue to recover, supported by resilient domestic demand. That will be met with a shrinking labour force due to everything we just discussed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Together, we\u2019re looking at a scenario where slack in the jobs market will likely start to be absorbed, driving the unemployment rate persistently lower over the rest of 2026. That&#8217;s our base case forecast.<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-dacaead3dc32dd19dec63cc9c27ac879 wp-block-paragraph\">And that\u2019s a wrap for this week&#8217;s 10-Minute Take. Thanks for tuning in, and we&#8217;ll catch you again in two weeks.<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">1&nbsp;May&nbsp;2026<\/p>\n\n\n\n<h4 id=\"h-s4-e8-the-growing-impact-of-ai-in-the-u-s-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E8 The growing impact of AI in the U.S. economy<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">U.S. productivity growth is strong, business investment in information processing and equipment has surged, and headlines about AI replacing jobs are growing louder.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">But, how much of this is actually attributable to AI and how much is noise?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Reality is nuanced. We\u2019re still largely in the building out phase of AI investment, and it\u2019s too soon to say whether AI has led to a structural break in productivity. Fears of widespread job displacement may dominate the narrative, but labor market data tells a different story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, RBC U.S. economists Carrie Freestone and Imri Haggin discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether recent productivity gains can be attributed to adoption of AI or reflect other factors.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How AI-related capital spending is influencing business investment.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What data shows about AI&#8217;s impact on jobs, and whether labor displacement is happening.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/70a68a6d-b184-4d56-a8e0-1307b544768b\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">16&nbsp;April&nbsp;2026<\/p>\n\n\n\n<h4 id=\"h-s4-e7-will-the-oil-price-shock-reignite-broad-inflation-in-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E7 Will the oil price shock reignite broad inflation in Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Global oil prices remain high as the Middle East conflict persists, raising questions about a potential comeback of the broad-based inflation Canada experienced during and after the pandemic.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">But, this shock is fundamentally different from the past. Unlike 2022, when the Russia-Ukraine war compounded systemic supply chain disruptions from pandemic lockdowns, today&#8217;s commodity shock is narrowly concentrated in oil, and unfolding at a time when global supply chains are more resilient.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, join RBC Economics&#8217; Claire Fan and Carrie Freestone as they discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How the scope and scale of the commodity price shock differs from the Russia-Ukraine war in 2022.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What localized and contained supply chain disruptions this year could mean for global inflation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why Canadian consumers could be less tolerant of rising prices than they were in 2022.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/bae7afc8-c268-4cb1-8bfb-e28683200d2b\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 26, 2026<\/p>\n\n\n\n<h4 id=\"h-s4-e6-are-higher-oil-prices-good-or-bad-for-canada-s-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E6 Are higher oil prices good or bad for Canada\u2019s economy?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Ongoing conflict in the Middle East has pushed global oil prices higher, raising questions about the impact to Canada\u2019s oil-exporting economy.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">This shock differs fundamentally from the past including 2015\u2019s oil price collapse, which drove structural changes in Canada\u2019s energy sector over the past decade. The result: A surprisingly neutral net effect from today\u2019s high oil prices on real economic growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, join RBC Economics\u2019 Claire Fan and Carrie Freestone as they discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why domestic energy investment isn\u2019t likely to surge despite higher oil prices.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How the price shock can benefit some sectors but hurt others, creating a fractured impact.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What to expect for Bank of Canada rate decisions as inflation pressures evolve.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/039d911e-c149-40a7-8e26-59c5f3477fec\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 13, 2026<\/p>\n\n\n\n<h4 id=\"h-s4-e5-the-fallout-from-the-global-oil-shock-on-u-s-inflation\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E5 <strong><strong><strong><strong><strong><strong>The fallout from the global oil shock on U.S. inflation<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Rising oil prices and its impact on the US economy are continuously evolving, and how long the crisis lasts will be the key determinant of where headline inflation settles.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">If the shock persists, higher energy prices will layer onto core inflation pressures amid the passthrough of tariffs to prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, RBC\u2019s Head of US Economics, Mike Reid, joins economist Carrie Freestone to discuss how he\u2019s thinking about inflation and the hit to consumption in the months ahead. The episode covers:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Constructing a range of scenarios to assess potential impact of higher energy prices on headline inflation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Signs of early tariff passthrough already showing up beneath the surface.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether the US labor market and consumers are well-positioned to withstand these shocks.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/c7f11fb4-ecd8-486f-9bf0-fabc7bc8ac39\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 26, 2026<\/p>\n\n\n\n<h4 id=\"h-s4-e4-what-s-next-for-u-s-tariffs-after-ieepa-strike-down\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E4 <strong><strong><strong><strong><strong>What\u2019s next for U.S. tariffs after IEEPA strike down<\/strong><\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. Supreme Court\u2019s decision against the use of the International Emergency Economic Powers Act (IEEPA) to impose broad-based tariffs is far from the end of the U.S. tariff story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The administration has already pivoted to new legislative authorities and opened investigations for future measures. For Canada, the implications are more limited than many would think.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone break down what the ruling means for trade policy and the economy. They discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What IEEPA is, why it was struck down, and what the administration is doing instead.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Four major statutory authorities the U.S. administration could use to reinstate or expand tariffs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why Canada\u2019s tariff backdrop hasn\u2019t really changed from the ruling\u2014and what matters for the bilateral relationship going forward.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/e47d6388-5a15-4cf1-acb3-f3c0b97ee214\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 12, 2026<\/p>\n\n\n\n<h4 id=\"h-s4-e3-u-s-inflation-s-stubborn-ceiling-why-the-fed-s-2-target-remains-elusive\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E3 <strong><strong><strong><strong><strong>U.S. inflation\u2019s stubborn ceiling: Why the Fed\u2019s 2% target remains elusive<\/strong><\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">One month into 2026, U.S. inflation continues to run above 2% for a fifth consecutive year\u2014and the reason goes beyond a single cause.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Some recent data\u2014including easing in core services and vehicle prices\u2014might suggest relief is near, but a closer look reveals these improvements are unlikely to persist as a trend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone explore what&#8217;s driving inflation and how to cut through the noise. They explore:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How a tight labor market, robust consumer demand, tariffs flowing through supply chains, and a lagging housing inflation measure are all keeping inflation elevated.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What are the critical differences between the Consumer Price Index and Personal Consumption Expenditures and why the Fed&#8217;s preferred measure often tells a different story than headline CPI readings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Key data challenges and what to monitor: The Producer Price Index for tariff signals, business surveys for pricing intent, and wage dynamics for inflation&#8217;s floor.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/edf3b7b4-0ca0-4fb2-b661-1776767a9d24\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 29, 2026<\/p>\n\n\n\n<h4 id=\"h-s4-e2-breaking-the-trade-trap-can-canada-diversify-fast-enough\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S4:E2 <strong><strong><strong><strong><strong>Breaking the trade trap: Can Canada diversify fast enough?<\/strong><\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canada&#8217;s extreme trade concentration\u2014with 75% of energy exports and 77% of manufacturing exports going to the U.S. in 2024\u2014has left the country vulnerable to protectionist trade policies.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">While 2025 data shows encouraging early signs of diversification, most Canadian exporters still lack the infrastructure and trade channels needed to pivot away from U.S. markets effectively.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone are joined by colleague Salim Zanzana for a conversation on:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Canada\u2019s concentrated trade reality and how it\u2019s evolved in the past year.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What early diversification efforts reveal about Canadian exporters adapting.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Recent developments between Canada and China and their economic impact.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/701543c8-0189-4949-b292-9cc96cbe07d4\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 15, 2026<\/p>\n\n\n\n<h4 id=\"h-season-4-premiere-what-2026-holds-for-north-america\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">Season 4 premiere: What 2026 holds for North America<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">We&#8217;re back for season four!<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this season premiere, join RBC Economics\u2019 Claire Fan and Carrie Freestone as they cut through the noise and reveal themes that matter for the Canadian and U.S. economies in 2026.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Despite a turbulent 2025, Canada&#8217;s economy is starting from a surprisingly stronger position than many realize. Per-capita GDP improved for the first time in three years. The real question is: Can this improvement be sustained as international headwinds continue to grow.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">South of the border, our outlook for the U.S. remains &#8220;stagflation lite&#8221;\u2014sticky services inflation around 3% paired with growth below 2%. It&#8217;s not just about tariffs. Uneven consumer spending driven by wealthy households and retirees is keeping inflation pressures alive.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/3be84a04-a15e-4d9d-9936-9caaf2271661\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">December 18, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e22-three-common-economic-trends-in-canada-and-the-u-s-in-2025\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E22 <strong><strong><strong><strong>Three common economic trends in Canada and the U.S. in 2025<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Trade disruptions in 2025 took a toll on Canada-U.S. relations after decades of coordination and integration. Still, the two economies are more similar than many may appreciate.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this season finale of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone round up three common themes shaping both economies this year. They include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Slowing population growth, and how it\u2019s impacted a key labour market benchmark\u2014breakeven employment rates.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Resilient consumer spending holding up despite much trade uncertainty and deteriorating job market conditions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Big government deficits\u2014an ongoing theme in the U.S. post-pandemic, but also emerging in Canada as well.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/fc929d75-b1ca-4fc0-b57e-1ffad7d064a1\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 27, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e21-what-end-of-u-s-government-shutdown-means-for-data-and-fed\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E21 <strong><strong><strong><strong>What end of U.S. government shutdown means for data and Fed<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. government shutdown ended after 43 days\u2014the longest in history\u2014and, economists now have more clarity about the release of government data.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">But,&nbsp;clarity on timing doesn&#8217;t mean clarity on the state of the U.S. economy. Without key October data, the U.S. Federal Reserve faces significant fog heading into the critical December interest rate decision.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">When (and if) key indicators like the October jobs and inflation data will be released, and what gaps we&#8217;re facing.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What September data revealed about the economy heading into the shutdown.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How the shutdown will weigh on GDP growth in Q4 2025.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why the Fed&#8217;s December meeting is consequential, and whether a pause may be the most prudent move.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/e3f96ae9-27f3-43b2-a0a9-57524c2ca2e7\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 13, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e20-canadian-budget-2025-how-should-we-be-thinking-about-bigger-deficits\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E20 <strong><strong><strong><strong>Canadian Budget 2025: How should we be thinking about bigger deficits?<\/strong><\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">In response to tariff pressures and economic weakness, Budget 2025 commits big new spending to spark private investment and reignite growth \u2013 with higher deficits and debt as a result. In this episode of the 10-Minute Take, RBC Economist Claire Fan is joined by RBC Assistant Chief Economist Cynthia Leach to discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why fiscal policy is the right tool to address the weak growth outlook<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How the growth agenda is central to the government\u2019s fiscal plan<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether the budget does enough to catalyze growth \u2013 and the execution risks that could derail it<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">If Canada can afford to spend big right now<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/90dde818-b8e6-43b9-a862-3cbe059a5ea9\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\"><a href=\"https:\/\/feeds.captivate.fm\/the-10-minute-take\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"Captivate\" class=\"rbc-link-format\">Captivate<\/a><\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 23, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e19-when-data-goes-dark-the-ripple-effects-of-a-u-s-government-shutdown\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E19 <strong><strong><strong>When data goes dark: The ripple effects of a U.S. government shutdown<\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">It\u2019s the 23<sup>rd<\/sup> day of the U.S. government shutdown and 750,000 federal workers are furloughed.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Significant data disruptions are clouding visibility over the economy just as the U.S. Federal Reserve restarts its rate-cutting cycle.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, join RBC Economists Claire Fan and Carrie Freestone as they discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why data disruptions may be more concerning than immediate economic disruptions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What alternative private sector indicators reveal about the current state of the U.S. economy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The Fed&#8217;s likely path forward amid the data blackout and trade uncertainty.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/f39d8081-e368-4d24-8078-56637ed18ca2\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 1, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e18-international-trade-101-the-canadian-edition\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E18 <strong><strong><strong>International trade 101\u2014the Canadian edition<\/strong><\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Amid the constant churn of U.S. tariff headlines, fundamental questions about Canada&#8217;s trade often go unanswered. Questions such as:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What exactly does Canada export\u2014and where does it all go?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Has Canada always been this dependent on the U.S. market?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Which provinces are most at risk from trade disruptions?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Should we worry less about tariffs on certain goods like fungible raw materials than others?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode on the 10-Minute Take, RBC Economics\u2019 Claire Fan and Carrie Freestone dig into these questions and more. Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/2c143ba7-9af9-400d-8816-e32754aa4f38\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 18, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e17-rate-cuts-and-crossroads-what-s-next-for-the-fed-and-boc\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E17 <strong><strong>Rate cuts and crossroads: What&#8217;s next for the Fed and BoC?<\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Both the Federal Reserve and the Bank of Canada returned from the sidelines this week \u2013 with widely anticipated decisions to cut their policy rates by 25 basis points. But behind these moves lie different motivations and signals, sparking debate over what this means for the economic outlook on both sides of the border.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode, RBC economists Carrie Freestone and Claire Fan unpack what drove these decisions and why they view the Fed\u2019s action as a step toward policy <em>normalization<\/em>\u2014not easing. Later, they shift their focus to Canada, where a mixed data picture begs the question: will the BoC cut rates again in October?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/387ddb12-cb65-4649-b772-9059c7e2bc01\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 4, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e16-are-u-s-tariffs-close-to-achieving-their-goals\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E16 <strong><strong>Are U.S. tariffs close to achieving their goals?<\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">U.S. tariff collection among imports are now at the highest level since the 1930s, and many are wondering how these policies are measuring up against their objectives.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Assistant Chief Economist Nathan Janzen is joined by Senior Economist Claire Fan to discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Who\u2019s bearing the costs of tariffs so far.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The current and future prospects for U.S. manufacturing amid protectionist measures.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether tariff revenues can make a meaningful dent in America&#8217;s massive federal deficit.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What these findings mean for the sustainability of U.S. tariff policy going forward.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/2d54004b-e448-4796-bb24-7581c9a94733\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 21, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e15-stagflation-lite-what-this-means-for-the-u-s-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E15 <strong><strong>Stagflation lite: What this means for the U.S. economy<\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Recent economic data in the U.S. reinforces our &#8220;stagflation lite&#8221; view as early signs of tariff impacts have emerged alongside unexpected labour market weakness.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone break down:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What stagflation lite means and why it&#8217;s different from severe stagflation in the 1970s.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How producer price data are showing early impacts of tariffs before these fully reach consumer prices.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why dramatic downward revisions to employment figures signal a concerning trend.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What this scenario in the U.S. means for Canada\u2019s export-dependent economy.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/2d54004b-e448-4796-bb24-7581c9a94733\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 7, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e14-boc-hits-pause-why-rates-aren-t-budging-amidst-uncertainty\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E14 <strong><strong>BoC hits pause: Why rates aren\u2019t budging amidst uncertainty<\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Bank of Canada held its overnight rate steady for the third consecutive <a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/boc-holds-rates-unveils-new-scenario-analysis\/\" target=\"_blank\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"meeting in July\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">meeting in July<\/a> despite acknowledging some softening in the Canadian economy since January.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Claire Fan and Carrie Freestone break down:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What&#8217;s keeping the central bank on the sidelines. &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How CUSMA exemptions have protected Canada from the worst of U.S. tariff impacts.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The role of growing government spending plans in shaping the outlook.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/407a4263-67e8-4199-85be-df4069f011de\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 24, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e13-is-canada-s-housing-market-regaining-its-footing\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E13 <strong><strong>Is Canada&#8217;s housing market regaining its footing?<\/strong><\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canada&#8217;s housing market is showing early signs of recovery after months of trade war anxiety kept homebuyers on the sidelines.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">But even with three consecutive months of increasing home resales, activity remains below levels at the beginning of the year, with significant regional differences across the country.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics&#8217; Carrie Freestone and Claire Fan discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How housing affordability has improved to its best level in three years, even though it\u2019s still far from pre-pandemic levels.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The significant variations in market conditions between regions and housing segments (i.e., condos vs. detached homes).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How trade uncertainty, Bank of Canada interest rate decisions and labour market trends are influencing the housing recovery.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/player.captivate.fm\/episode\/abd6aca1-9d31-464d-ba21-1d9bd079c087\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 2, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e12-why-is-the-u-s-unemployment-rate-low-amid-trade-uncertainty\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E12 <strong>Why is the U.S. unemployment rate low amid trade uncertainty?<\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. unemployment rate has remained near historic lows amid massive uncertainty from trade wars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A long-term structural trend\u2014surging retirements\u2014is keeping the unemployment rate from rising drastically even during short-term cyclical deterioration in the labour market.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics\u2019 Carrie Freestone and Claire Fan discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The mechanisms of <a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/america-needs-workers-not-jobs\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-category=\"LP-The10-MinuteTake\" data-dig-action=\"link click\" data-dig-label=\"how record retirements keep the unemployment rate low\" class=\"rbc-link-format\">how record retirements keep the unemployment rate low<\/a> over the medium-term.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why the U.S. arguably needs more new workers than it needs new jobs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How these structural forces will play out with near-term cyclical forces (like a labour market deterioration).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How immigration policy in Canada has blunted\u2014but not fully eliminated\u2014the cost of population aging.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2122802919&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 19, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e11-how-worried-should-we-be-about-spiking-oil-prices\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E11 <strong>How worried should we be about spiking oil prices?<\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Oil prices spiked last week following escalating conflict in the Middle East between Israel and Iran. This has raised concerns about higher inflation against an already uncertain economic backdrop.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics\u2019 Claire Fan and Carrie Freestone unpack:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How high inflation could hit in Canada and the U.S. if oil prices continue higher.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How higher energy prices could impact growth.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What this could mean for interest rates in Canada and the U.S.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2115777474&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 5, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e10-how-is-large-government-debt-in-the-u-s-shaping-its-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E10 <strong>How is large government debt in the U.S. shaping its economy?<\/strong><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">An enormous U.S. government deficit continues to raise concerns about fiscal sustainability as Moody\u2019s joined other rating agencies in downgrading the U.S.\u2019s credit rating.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">This raises questions about the implications for U.S. monetary policy, interest rates, and the impact on neighboring economies.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC Economics\u2019 Claire Fan and Carrie Freestone explore:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why fiscal challenges may be limiting the U.S. Federal Reserve\u2019s ability to cut interest rates.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How the recent &#8220;Big Beautiful Bill&#8221; could add to the fiscal burden.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What these trends mean for Canada\u2019s economy and monetary policy.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Listen to our newest episode here or wherever you get your podcasts:<\/p>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2108144856&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\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-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 22, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e9-how-has-the-u-s-china-trade-war-de-escalation-impacted-our-forecasts\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E9 <strong>How has the U.S.-China trade war de-escalation impacted our forecasts?<\/strong> <\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. administration reducing tariffs on Chinese imports from a staggering 145% to 30% marked a significant breakthrough in the ongoing trade war. But, the average effective U.S. tariff rate still sits at 13%\u2014 and fundamental trade headwinds haven&#8217;t disappeared.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC&#8217;s Economics Claire Fan and Carrie Freestone take you through:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How an unwinding of tariffs on Chinese imports will impact our outlooks for U.S. core inflation, consumer spending, and growth.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How this policy shift factors into the U.S. Federal Reserve\u2019s interest rate decisions for 2025.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether Canada&#8217;s economic outlook will be impacted by U.S.-China trade developments.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2100425595&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 8, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e8-trade-war-backlash-where-are-canadians-vacationing-now\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E8 Trade war backlash: Where are Canadians vacationing now?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The trade war is changing travel plans. As tensions simmer, Canadians\u2019 trips to the U.S. dropped substantially in early 2025 compared to last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, vacations weren\u2019t cancelled altogether\u2014Canadians are just going somewhere else. And, this trend of travelling less to the U.S. isn\u2019t unique to Canada \u2013 arrivals to the U.S. from other countries have also slumped this year.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr wp-block-paragraph\">In this episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone explore:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf mar-t-qtr mob-mar-t-qtr mob-mar-b-hlf mar-l-hlf mob-mar-l-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How travel patterns have changed in 2025 to reflect broader trade tensions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Whether tourism within Canada will rise to offset international declines.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How these trends may impact the services sector\u2019s outlook and trade deficits.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"width:100%;height:200px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2091772026&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 24, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e7-forecasting-in-volatile-times-are-tariffs-a-game-changer-for-growth-and-inflation\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E7 Forecasting in volatile times: Are tariffs a game changer for growth and inflation?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Full-blown reciprocal U.S. tariffs are on pause for 90 days, but sizeable 10% tariffs imposed on most countries on April 5 remains in place, and it, along with steep tariffs on imports from China, could have significant implications for U.S. inflation and growth.<br>The U.S. trade-weighted average tariff rate is currently at its highest since the 1930s, but, in a twist of fate, Canada has emerged as one of the least impacted countries, thanks to USMCA exemptions.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">RBC Economics has updated forecasts for the U.S. and Canada to reflect these developments. In this episode of the 10-Minute Take, Claire Fan and Carrie Freestone answer these questions:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-b-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How will tariffs influence inflation and GDP growth in the U.S. and Canada?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Will either country see a recession in the coming year?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What could future policy from the Bank of Canada and Federal Reserve look like?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2084010327&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 3, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e6-are-services-immune-to-tariffs-in-the-trade-war\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E6 Are services immune to tariffs in the trade war?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">More attention is being focused on how Canada can better diversify trade to alternative sources as U.S. tariffs and threats continue to escalate.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In the goods trade, Canada\u2019s geographical proximity to the U.S. makes it difficult to diversify away from the U.S. But, that is much less of a constraint for services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this episode of the 10-Minute Take, economists Claire Fan and Carrie Freestone dig into:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc mar-t-hlf mar-b-hlf\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How much services Canada trades and with who?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Is Canada is well positioned to leverage services for broader trade diversification?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What are the headwinds facing services amid the ongoing trade war?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2068580232&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 20, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e5-have-the-impact-of-tariffs-shown-up-in-the-jobs-market-yet\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E5 Have the impact of tariffs shown up in the jobs market yet?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Consumers and businesses on both sides of the border have been paralyzed with uncertainty related to trade. Confidence has tanked and we\u2019ve also witnessed a notable deterioration in other \u201csoft\u201d sentiment data in recent months.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The extent that recent trade policies have impacted hard data is unclear but matters more for central bank decisions. In this week\u2019s episode, RBC Economics\u2019 Claire Fan and Carrie Freestone break down how trade turbulence is impacting labour markets in Canada and the U.S., and what to expect next in the ongoing trade war.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2058869356&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 27, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e4-is-inflation-making-a-comeback-in-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E4 Is inflation making a comeback in Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Economic data has shown that Canadian inflation was a little firmer than expected in early 2025, especially after considering the impact of the federal tax holiday that pushed prices lower for a few categories including restaurant dining.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the U.S., the picture is a bit \u201cstickier.\u201d Broadly resilient consumer demand has been keeping price pressures at uncomfortably high levels, and not all U.S. households are impacted equally. Those that earn less tend to have less options in avoiding higher priced essentials.<\/p>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf mar-t-hlf mob-mar-t-qtr wp-block-paragraph\">Join RBC Economics\u2019 Claire Fan and Carrie Freestone as they give their latest take on inflation, and how the looming trade rift plays into that.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2043628604&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 13, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e3-what-we-ve-learned-about-u-s-canada-trade-so-far\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E3 What we\u2019ve learned about U.S.-Canada trade so far<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">As the threat of tariffs has been evolving, economists have been busy assessing the potential economic fallout. In this episode, RBC Economics\u2019 Carrie Freestone and Claire Fan discuss:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What we know about the tariffs announced, what retaliation could look like and how these forces will impact both the Canadian and U.S. economies.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What Bank of Canada Governor Tiff Macklem said in the January meeting about how the Bank could respond.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How markets reacted to tariff news and how we are assessing the balance of risk between a hit to demand and price pressures arising from potential policies.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf mar-t-hlf mob-mar-t-qtr wp-block-paragraph\">Join us as we unpack how we\u2019re thinking about the potential damage from a trade war.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2033024640&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 30, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e2-how-do-economists-measure-the-impact-of-potential-tariffs-on-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E2 How do Economists measure the impact of potential tariffs on Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The looming threat of potential U.S. tariffs is keeping economists and monetary policymakers up at night. In this episode, RBC Economics\u2019 Claire Fan and Carrie Freestone break down:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How RBC Economists are thinking about a U.S. tariff shock- including the multiple stages of passthrough to the economy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">How we think the Bank of Canada could respond to higher prices resulting from tariffs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Why \u201creshoring\u201d isn\u2019t as easy as it sounds.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf mar-t-hlf mob-mar-t-qtr wp-block-paragraph\">Tune in to hear why tariffs are demand-destructive and to understand the Bank of Canada\u2019s predicament if required to respond to these policy-induced price-shifts. While we highlight that the economic damage is likely too severe for these threats to materialize, we also discuss what the consequences would be for the U.S. and Canada if tariffs are implemented.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2021357040&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 16, 2025<\/p>\n\n\n\n<h4 id=\"h-s3-e1-the-loonie-slump-what-s-behind-it-and-where-it-s-headed\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S3:E1 The Loonie slump: What\u2019s behind it and where it\u2019s headed<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Season three of the 10-Minute Take is here, and we\u2019re kicking things off with a deep dive into a hot topic\u2014the Canadian dollar\u2019s dramatic dip against the U.S. dollar, to levels unseen since the pandemic.<\/p>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">In this episode, RBC Economics\u2019 Claire Fan and Carrie Freestone break down:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The key drivers behind the loonie\u2019s recent slump.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">What this means for inflation in the current economy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Where we think the currency is headed in 2025.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf mar-t-hlf mob-mar-t-qtr wp-block-paragraph\">Tune in to hear why we don\u2019t expect the Bank of Canada to bat an eye, and how Canada\u2019s strong net international investment position will be particularly helpful.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/2010049475&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">December 12, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e25-what-economists-are-thinking-about-heading-into-2025\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E25 What economists are thinking about heading into 2025<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Canadian economy has been through a whirlwind in 2024. Canada has been in an extended period of underperforming per capita growth compared to the United States since 2019. Still, 2024 was a pivotal year for Canadians with inflation coming down and interest rates finally moving lower.<\/p>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">But has inflation truly been tamed? If so, why doesn\u2019t it \u201cfeel\u201d like affordability has truly gotten better? And, how do big policy pivots on immigration and global trade fit into it all?<\/p>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">Join RBC economists Carrie Freestone and Claire Fan in this 2024 10-Minute Take wrap-up episode. They\u2019ll discuss the highlights in a year-in-review before addressing key themes for 2025 in the final episode of the season.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1981067331&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 28, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e24-what-does-a-massive-u-s-government-deficit-mean-for-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E24 What does a massive U.S. government deficit mean for Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. government deficit is unusually large at 6.4% of gross domestic product in 2024\u2014the average over the last five decades is 3.7%. Promises from the new Trump administration on the campaign trail suggest it is likely to grow even bigger over the next four years.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Massive fiscal spending has been fueling U.S. growth, but will have important and, ultimately, costly consequences for the economy. Lower corporate taxes could also hurt Canada\u2019s competitiveness, at a time when the economic divergence with the U.S. is already large. In this 10-Minute Take, RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;dive into the growing government deficit in the U.S., and its ripple effects on Canada.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1969060947&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 14, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e23-why-are-so-many-canadians-struggling-if-we-re-amassing-record-savings\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E23 Why are so many Canadians struggling if we\u2019re amassing record savings?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canadian household balance sheets appear exceptionally strong as disposable income continues to rise alongside savings. But, what the latest economic data tells us is distinctly different from how many households are feeling. There are many signs&nbsp;<a href=\"https:\/\/thoughtleadership.rbc.com\/proof-pointwhy-canada-is-seeing-uneven-recovery-among-households\/\">the average Canadian consumer is suffering<\/a>. How can both be true at the same time?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, RBC economists Carrie Freestone and Claire Fan discuss this paradox of some Canadians falling behind on credit card payments, while others see savings rise. We\u2019ll unpack the different realities experienced by various income groups, focusing on spending behaviours, debt accumulation or savings, and the distinct difference between wage growth and changes in disposable income.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1957526611&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 31, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e22-will-there-be-another-jumbo-rate-cut-from-the-boc-in-december\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E22 Will there be another jumbo rate cut from the BoC in December?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Bank of Canada cut the overnight rate by 50 basis points in October\u2014marking the largest reduction since the pandemic. A day later, the federal government announced new immigration targets for the next three years that would drastically alter population growth in Canada. Both of these moves will have a significant impact on the Canadian economy.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;discuss the latest rate cut, why it was bigger than before and what to expect from the BoC going forward. They\u2019ll also tackle how the new immigration targets fit into it all.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1945737951&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 17, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e21-canadians-are-still-renewing-mortgages-at-higher-rates-will-this-hurt-the-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E21 Canadians are still renewing mortgages at higher rates- will this hurt the economy?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">With many Canadian households planning to renew longer-term fixed rate mortgages at higher rates into 2025 and 2026, Canada\u2019s \u201cmortgage renewal cliff\u201d is hardly behind us. Higher mortgage payments mean less money leftover to spend on essentials and non-essentials and on balance, a weaker economic outlook. But we don\u2019t think this is a huge risk, as long as interest rates continue to drop and labour markets don\u2019t plummet.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Join RBC Economists Carrie Freestone and Claire Fan to discuss the upcoming wave of mortgage renewals, how it impacts the overall economy, and why we think the worst of the mortgage renewal cliff is behind us.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1936833215&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 3, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e20-inflation-is-back-at-2-why-doesn-t-it-feel-like-it\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E20 Inflation is back at 2%\u2014why doesn\u2019t it feel like it?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Headline inflation in Canada dropped to the 2% target set by the Bank of Canada for the first time since the pandemic in August. That means higher interest rates implemented by the central bank since 2022 have worked to reduce price pressures and restore balance back in the economy.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">But as much as that is good news, a closer look at the data shows today\u2019s 2% inflation is not quite the same as 2% inflation from before the pandemic.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;discuss the latest inflation trends in Canada and how and why it\u2019s different from before and what this means for the economy going forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1927873793&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 20, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e19-what-led-the-u-s-fed-to-cut-interest-rates-by-50-basis-points\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E19 What led the U.S. Fed to cut interest rates by 50 basis points?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The U.S. Federal Reserve cut the federal funds rate for the first time since the pandemic in September by 50 basis points. The easing of monetary policy was highly anticipated with inflation showing further signs of deceleration and a very gradual, but worrying, rise in unemployment. Still, many were expecting a 25 basis point cut, because overall economic output remains strong\u2013propped up by robust consumer activity.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC Economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;and special guest, RBC Chief Economist&nbsp;<strong>Frances Donald<\/strong>, as they unpack the Fed\u2019s latest interest rate decision and what red or green flags are emerging from U.S. economic data<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1919913503&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 5, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e18-what-do-new-chinese-ev-tariffs-mean-for-canadian-businesses-and-consumers\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E18 What do new Chinese EV tariffs mean for Canadian businesses and consumers?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Liberal government recently announced new tariffs on electric vehicles, steel and aluminum imports from China\u2014marking the latest move in the global trend of trade segregation to boost domestic priorities.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">That\u2019s not the end of it \u2013 by the end of the ongoing 30-day government consultation, tariffs could also be imposed on other products including solar cells, EV batteries, chips, and critical minerals. These new measures are aimed to shield domestic producers from unfair international competition, but will also lead to an immediate increase in input costs for Canadian importers, while creating more tension amid an already frigid global trade environment.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this episode of the 10-minute take, join RBC Economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;for details about the new tariffs, as they unpack the potential impact on the Canadian economy and broader trade relations going forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1910714027&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 22, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e17-what-have-market-volatility-and-recession-fears-meant-for-central-banks\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E17 What have market volatility and recession fears meant for Central Banks?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Both U.S. and Canadian households are facing recession fears- but for different reasons. Downside surprises to U.S. data in early August triggered a massive equity selloff. And a triggering of the \u201cSahm rule\u201d in the U.S. was met with recession fears.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In Canada, households are feeling stretched and job seekers struggle to find work. Despite not being in a recession, it certainly feels like one. How will Central Banks react and when will things start to feel easier for Canadian households?<\/p>\n\n\n\n<p class=\"mob-mar-b-qtr mar-b-hlf wp-block-paragraph\">In this episode of the 10-minute take, join RBC Economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;for a macro update as they answer your burning questions around the latest data points, recession fears, and what all of this means for the year ahead.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1901903751&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 8, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e16-young-canadians-are-complaining-about-the-economy-do-they-have-a-point\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E16 Young Canadians are complaining about the economy. Do they have a point?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Younger Canadians are bearing the brunt of the softening labour market, accounting for the lion\u2019s share\u2014 80%\u2014of the increase in Canada\u2019s unemployment rate since the summer of 2022.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">That share is much higher than in previous downturns like the global financial crisis. Not having a job results in a big hit to disposable income. That coupled with surging costs to service mortgages and other debt has forced many younger Canadian households to deleverage.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Some of these challenges are set to unwind in the year ahead, as inflation eases and interest rates drop lower. Other issues, including limited access to the housing market could have a longer-lasting impact on young Canadians\u2019 lives. In this week\u2019s episode of the 10-Minute Take, join RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;as they take a deep dive into the challenges facing young Canadians.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1891452366&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 25, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e15-what-is-behind-canada-s-rising-unemployment-if-it-s-not-immigration\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E15 What is behind Canada\u2019s rising unemployment if it\u2019s not immigration?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The recent deterioration of the Canadian labour market comes at a time when immigration and population growth have also increased significantly. Many have put the two together, and attributed rising unemployment solely to the increase in the labour force due to newcomers. On that, we have a different view.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">It is true that landed immigrants are seeing a faster increase in the unemployment rate, but that\u2019s been the case whenever the economy has softened in previous periods. This time around, the bigger deterioration was seen among students and new graduates who are having an increasingly hard time landing a job as demand for labour continues to pull back.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this week\u2019s episode of the 10-Minute Take, RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;unpack trends in the labour market, starting with how immigration fits into it all. They\u2019ll then discuss which age groups and industries have been hit particularly hard, before finishing up with what to expect going forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1879979112&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 11, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e14-what-does-a-second-trump-presidency-mean-for-north-american-trade\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E14 What does a second Trump presidency mean for North American trade?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The focus is back on former U.S. president Donald Trump\u2019s regressive trade policies after the first U.S. presidential debate and heading into November\u2019s elections.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On his campaign trail, Trump has promised to impose hefty tariffs on imports if elected for a second term\u2014suggesting 60% tariffs on imports from China and 10% tariffs on all other imports across the board.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this week\u2019s episode of the 10-Minute Take, RBC economists&nbsp;<strong>Claire Fan<\/strong>&nbsp;and&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;look back at tariffs imposed by Trump during his last presidency and their impact on the U.S. economy. They\u2019ll debunk some of the common misconceptions about the impact of tariffs on economic growth and job creation, before moving on to answer key questions such as what to expect this time around, and how Canada fits into it all.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1868206251&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 27, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e13-why-should-we-care-about-a-productivity-gap-in-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E13 Why should we care about a productivity gap in Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canada\u2019s underperformance in productivity has attracted a lot of limelight recently. It\u2019s not a new problem, but the gap (especially when measured against the U.S.) has simply gotten too large to ignore. In the 1970s, the level of Canadian productivity was roughly 90% of U.S. levels. Today it\u2019s more like 70%. That deterioration over the decades leads to an enormous $20,000 earnings gap, between an average Canadian and an average American currently per year.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Indeed, historically, gains in productivity have correlated well with real wage growth. And that\u2019s really why everyone should care about slower productivity. Because at its core, a lack of productivity growth means a lack of improvement in living standards.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC Assistant Chief Economist&nbsp;<strong>Nathan Janzen<\/strong>&nbsp;and Economist&nbsp;<strong>Claire Fan<\/strong>&nbsp;as they tackle productivity. They\u2019ll start by going over all the basics \u2013 what productivity is, how it\u2019s measured and why it matters, before detailing a few of the many drivers underlining Canada\u2019s underperformance, and what could help in the period ahead.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1857935991&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 13, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e12-travel-season-s-here-what-can-we-look-forward-to\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E12 Travel season\u2019s here! What can we look forward to?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">With summer approaching, what can we look forward to this year\u2019s travel season that might be different from before? For one, it took longer for Canadians to feel comfortable with longer distance travel following pandemic disruptions but as of the end of 2023, demand for overseas tourism had finally recovered. That trend will likely continue this summer, as more Canadians travel further away to destinations that may have something different to offer. Switching the lens inward, the rebound in travel demand among Canadians has not been fully reciprocated by foreign visitors coming to travel in Canada. That\u2019s where there\u2019s still a sizable gap to be filled.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC Economists&nbsp;<strong>Carrie Freestone<\/strong>&nbsp;and&nbsp;<strong>Claire Fan<\/strong>&nbsp;as they unpack travel trends. They\u2019ll start by going over where things stand as of the beginning of this year, before getting to some soft spots remaining, and explain why or why not those will bounce back in 2024.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1846133154&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 30, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e11-how-does-population-aging-weigh-on-canada-s-economy-and-how-can-immigration-help\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E11 How does population aging weigh on Canada\u2019s economy, and how can immigration help?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">An aging population has dire economic and fiscal consequences. It means widespread labour shortages, more upward pressure on wage growth and inflation, and potentially a growing funding gap for public social services. Canada is not alone in facing such challenges. What is unique, however, is how the Canadian government has utilized immigration as a tool to combat those headwinds.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC Economists Carrie Freestone and Claire Fan as they unpack what it means for the economy to have an aging population. They\u2019ll highlight how Canada measures up against the U.S. and the role immigration can play to soften the blow.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1833361974&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 16, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e10-what-is-a-neutral-rate-of-interest-and-why-did-the-bank-of-canada-move-it-higher\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E10 What is a neutral rate of interest and why did the Bank of Canada move it higher?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In April, the Bank of Canada shifted its estimate for neutral rate up 25 basis points- a reflection that the \u2018normal\u2019 of interest rates in the post-pandemic era is likely higher than the decade before. Taking a step back, what exactly are \u2018neutral\u2019 interest rates and how did the central bank know to adjust them higher? After many decades of neutral rates moving lower, why is the pendulum swinging back?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC Economists Claire Fan and Carrie Freestone as they chat monetary policy and answer all of your burning questions around the \u2018neutral\u2019 rate of interest.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1822699152&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 2, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e9-will-the-bank-of-canada-be-influenced-by-higher-for-longer-in-the-u-s\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E9 Will the Bank of Canada be influenced by higher for longer in the U.S.?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In early 2024, the disparity in economic performance among advanced economies has grown more apparent. Increasingly, we are seeing the Canadian economy underperforming, especially compared to strong conditions in the United States. Not so optimistic, however, are the U.S. inflation numbers that are once again gathering heat. This has prompted considerations that the Federal Reserve will need to keep rates higher for much longer. But will the BoC have to follow suit?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this week\u2019s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone will answer this question for you. They will start by going over where the potential concerns are with a rate divergence between the Bank of Canada and the Fed, before getting to why the BoC is not expected to be derailed in its upcoming easing cycle.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1812029979&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 18, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e8-how-can-we-improve-housing-affordability-for-canadians\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E8 How can we improve housing affordability for Canadians?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Housing affordability has become a generational concern in Canada and recently took centre-stage in the Federal Budget. At today\u2019s prices, two-thirds of Canadian households cannot afford to purchase a detached home based on earned-income alone. How did we get here? And how can we improve access to home ownership?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this week\u2019s episode of the 10-Minute Take we are joined by special guest, RBC\u2019s Assistant Chief Economist Robert Hogue to discuss his latest report,<em>&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/canadian-housing\/special-housing-reports\/the-great-rebuild-seven-ways-to-fix-canadas-housing-shortage\/\" data-dig-id=\"LP-The10-MinuteTake-2932-87844b2d\" data-dig-label=\"The Great Rebuild\" data-dig-action=\"link click\" data-dig-category=\"LP-The10-MinuteTake\" class=\"rbc-link-format\">The Great Rebuild<\/a><\/em>. Robert will unpack what has driven Canada\u2019s momentous housing supply challenges and how they can be solved in the years ahead.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1802369334&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 3, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e7-what-can-we-expect-from-canada-s-new-cap-on-temporary-residents\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E7 What can we expect from Canada\u2019s new cap on temporary residents?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Two weeks ago, Canada\u2019s Minister of Immigration announced plans to limit the scope of international migration in Canada over the coming years. The announcement detailed early measures to reduce the share of temporary residents (mostly study and work permit holders) in the population to 5% over the next three years. In order for that target to be reached, the number of temporary residents in Canada will need to drop by a staggering 20% over the same time frame.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this week\u2019s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone break this new policy down. They will walk through details of the newly announced cap, who\u2019s expected to be impacted in the near-term before delving deeper to discuss the broader implications on Canada\u2019s population growth, GDP and other important economic metrics.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1791089503&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 6, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e6-why-is-it-so-hard-for-renters-to-save\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E6 Why is it so hard for renters to save?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canadian renters are more squeezed than ever before! Renters are allocating a greater share of their take-home pay to housing than homeowners at the same time that costs for other essentials (and interest on debt) have risen. This has resulted in renters as a collective spending more than they earn. Down-payment requirements are mounting relative to take-home pay, making it exceptionally difficult to save for a home.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this week\u2019s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone unpack housing as a vehicle for wealth accumulation, explaining how opportunities for wealth generation are becoming less accessible and what that means for a large segment of Canada\u2019s population.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1779524730&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 6, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e5-will-generative-ai-lift-canadian-productivity\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E5 Will Generative AI lift Canadian productivity?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Generative AI tools like ChatGPT have seen tremendous success among consumers just over a year after it hit the market. Businesses, however, are more skeptical \u2013 just over 9% of Canadian businesses said that they have adopted Gen AI in Q1 this year, according to a survey from Statistics Canada. The technology has been hailed by many as \u201cproductivity enhancing\u201d. And that\u2019s an area that Canada has been underperforming for decades. Growth in productivity bears great importance as that what real wage growth, and therefore people\u2019s living standards greatly depend on. So can generative AI be the silver bullet that pulls the Canadian economy out of its productivity rut?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Join RBC economists Claire Fan and Carrie Freestone on this episode of the 10-Minute Take, as they walk through some of the latest stats on generative AI adoption, the opportunities and challenges that lie ahead before diving in to discuss what technology might mean for the Canadian economy.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1766492172&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 21, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e4-will-the-international-student-cap-impact-canadian-rents\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E4 Will the international student cap impact Canadian rents?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Over the past few years, Canada\u2019s population growth has eclipsed the global average. International students accounted for about 20% of the recent population surge. The immense growth has ignited concerns about housing availability and affordability.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, we welcome back RBC Economist Rachel Battaglia, who will unpack the new federal policy and explain whether it will have an impact on rental demand (and prices) going forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1753453998&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">February 08, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e3-what-will-drive-growth-in-the-back-half-of-2024\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E3 What will drive growth in the back half of 2024?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In 2023, Canadian households faced higher debt-servicing costs on mortgages and consumer credit as well as higher rents. Canadians had to tighten their belts and in many cases, forgo savings. Will 2024 look different? What will drive the slow rebound in the back half of the year? Join RBC Economists Claire Fan and Carrie Freestone as they unpack consumer trends and explain why the back half of this year will look different.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1740616428&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 24, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e2-surprises-in-2024-already\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E2 Surprises in 2024, already?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Just a couple of weeks into the new year and the economic landscape is full of surprises. Data on Canadian inflation again showed just how \u201csticky\u201d domestic price pressures can be. Globally, supply chains are again being challenged, with attacks in the Red Sea disrupting container shipments. And finally, Canadian labour markets have been slowing for months. But unlike prior downturns, layoffs have actually been relatively limited and it\u2019s longer job searches for students and new graduates that are bearing the brunt instead.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, join RBC economists Carrie Freestone and Claire Fan as they walk through three key trends that already jumped out as surprises in 2024.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1725672006&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">January 11, 2024<\/p>\n\n\n\n<h4 id=\"h-s2-e1-when-are-interest-rate-cuts-coming\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S2:E1 When are interest rate cuts coming?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">It\u2019s a new year and the Bank of Canada (BoC)\u2019s overnight rate is currently sitting at its highest level in over two decades. Canadians facing higher borrowing costs are eager to see the BoC come to the rescue by changing course with interest rate cuts. But is the economic data soft enough for the BoC to pivot?<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">On this episode of the 10-Minute Take, RBC economists Carrie Freestone and Claire Fan unpack their views on when rate cuts will happen and what the trajectory will look like.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1713932772&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">December 7, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e21-what-surprised-economists-in-2023\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E21 What surprised economists in 2023?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Canadian economy has seen some pivotal shifts in 2023. The year started off with inflation at multi-decade highs, widespread labour shortages, and exceptionally strong consumer spending. The economy was very obviously overheating, and \u201crecession\u201d was more of a buzzword than a reality. Fast-forward to December, excess demand in the economy is all but depleted. And the macro data is looking considerably softer, in-line with a mild recession.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Join RBC Economists Claire Fan and Carrie Freestone in this final episode of the season, where they provide a recap of key macro themes that played out this year and tell you what to look out for in the year ahead.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1683830049&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-r-0 mob-pad-r-0 pad-l-0 mob-pad-l-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 8, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e20-what-s-going-on-in-the-canadian-jobs-market\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E20 What\u2019s going on in the Canadian jobs market?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Many indicators these days are pointing to deteriorations in labour market conditions in Canada. Job vacancies are down, job searching times have lengthened. The unemployment rate is still low but has increased by 0.7% over the span of 6 months.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Clouding the outlook for the Canadian jobs market is also the slowdown in consumer demand, especially for discretionary services industries where staffing levels never fully recovered to pre-pandemic to begin with. Outright layoffs to-date are still limited. But record level of household indebtedness these days also means that job losses, when they come, could hurt much more than they used to.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this week\u2019s episode of the 10-Minute Take, economists Carrie Freestone and Claire Fan look at the latest Canadian labour market data. They\u2019ll discuss what\u2019s behind the ongoing deterioration, and what to expect moving forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1649070435&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">November 8, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e19-how-has-soaring-immigration-impacted-economic-growth-in-canada\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E19 How has soaring immigration impacted economic growth in Canada?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">This past decade, Canada\u2019s population growth outpaced India, China, and South and Central America, surpassing the global average. In recent years, Canada\u2019s soaring population growth has been entirely fueled by immigration. Canada relies heavily on newcomers to fill jobs left vacant by retiring Baby Boomers. But the rising need for housing is adding to pre-existing housing affordability concerns.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">In this week\u2019s episode of the 10-Minute Take, economists Carrie Freestone and Claire Fan will unpack the latest federal immigration targets, and discuss how rising immigration has impacted the Canadian economy.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1649070435&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 25, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e18-how-badly-are-canadian-businesses-and-consumers-wounded-by-high-interest-rates\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E18 How badly are Canadian businesses and consumers wounded by high interest rates?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">High inflation and even higher interest rates are turning up the heat for Canadians, making it increasingly challenging for consumers and businesses to pay off existing debt, to spend or to invest.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Indeed, the latest Bank of Canada surveys revealed that almost 60% of consumers had to cut spending in Q3 as they contended with elevated prices and debt-servicing expenses. Echoing that was a slowing in demand reported by businesses, some of whom even flagged an outright decline in sales over the past year. The silver lining? Slower demand is lowering inflation pressures, making it less likely for prices to have to go up as large or as frequently moving forward.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Tune in to this week\u2019s episode of the 10-Minute Take as RBC economists Carrie Freestone and Claire Fan walk you through the latest quarterly Bank of Canada surveys, and unpack what it all means for BoC rate decisions moving forward.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1649070435&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">October 12, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e17-how-long-can-the-u-s-economy-s-outperformance-last\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E17 How long can the U.S. economy\u2019s outperformance last?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">U.S GDP growth continues to soar while activity cools off in Canada. Canadians have tightened their belts, prioritizing the purchase of essentials over discretionary goods. In the U.S., consumers are still spending at a record pace and momentum has yet to fade. But will the U.S. continue to outperform Canada? We don\u2019t think so! Tune in to this week\u2019s episode of the 10-Minute Take as RBC economists Carrie Freestone and Claire Fan unpack what\u2019s driving U.S. resilience and why it won\u2019t last.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1637744463&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 28, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e16-why-are-so-many-workers-on-strike-these-days\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E16 Why are so many workers on strike these days?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">High inflation has prompted many workers to push for wage increases, and unions are responding by pressuring employers to pony up. Canada has witnessed a drastic surge in labour stoppages- or strikes- in recent months. There\u2019s still a gap to close \u2013 wage increases for unionized workers since early 2020 lag those of non-unionized workers by about 7%. But will this mean sustained pressure on wage growth in the future? On this episode, we are joined by RBC Economist Rachel Battaglia to discuss what\u2019s driving the higher frequency of wage disputes and the importance of taming inflation in order to mitigate these disruptions.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1626776205&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">September 14, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e15-how-indebted-are-canadians-and-is-it-a-problem\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E15 How indebted are Canadians and is it a problem?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">While Americans are still spending, Canadians are tightening their belts. And the U.S. economy continues to surge while Canada\u2019s shows early signs of weakness. Why? Debt levels and faster refinancing! In this episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone explain how debt impacts Canadian consumer behaviour, which age cohorts are most impacted\u2013and just how worried we should be about it all. Tune in!<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1615704093&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 30, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e14-when-china-sneezes-do-we-all-catch-a-cold\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E14 When China sneezes, do we all catch a cold?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Western countries are still grappling with decade-high interest rates and elevated inflation. But in China, prices fell on a year over year basis in July. And amid softer consumer demand and a wobbly real estate market, the Chinese central bank has taken the opposite measure to its Western counterparts: cutting key lending rates.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Just how bad could things get in China? In this episode of the 10-Minute Take, RBC economists Carrie Freestone and Claire Fan break down what\u2019s happening and what it might mean for the rest of the world. We explore the slew of data coming out of the country, add some important context on demographic trends before bringing the conversation back to Canada.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1604424972&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 16, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e13-are-the-bank-of-canada-s-interest-rate-hikes-working\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E13 Are the Bank of Canada\u2019s interest rate hikes working?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Western central banks don\u2019t want to push interest rates higher\u2026but they will if they need to. So how effective have rate hikes actually been?<br>The latest data offers conflicting signals: unemployment is up but inflation remains above target\u2014and consumer spending is still strong. In this episode, RBC economists Claire Fan and Carrie Freestone examine this burning question, assess the likelihood of a \u201csoft landing\u201d (and explain what that is).<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1594459788&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">August 2, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e12-will-the-pandemic-pet-economy-boom-last\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E12 Will the pandemic pet economy boom last?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">If you have a four-legged friend at home, that makes you part of the pet economy!<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Today the global pet industry stands at over $250 billion USD and is over twice the size of the global film industry. Part of the boom can be traced back to the pandemic, when households\u2019 time spent at home rose substantially, along with their need for companionship \u2013 the US alone added 5 million pets from 2019 to 2022. The outlook for the pet sector however is less positive, as interest rate hikes take purchasing power out of households\u2019 hands, lowering spending on all things including pet-related products and services.<\/p>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Join RBC Economics Carrie Freestone and Claire Fan in this week\u2019s episode of the Ten Minute Take, where they take a closer look at the pet economy, how much it\u2019s grown and where it\u2019s headed.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1580158779&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 19, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e11-why-aren-t-rising-rates-cooling-canadian-spending\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E11 Why aren\u2019t rising rates cooling Canadian spending?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The most aggressive monetary tightening cycle since the 1990s has sent interest rates soaring. Yet Canadians keep on spending. Why and will they keep it up? In this week\u2019s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone explain why spending will slow but won\u2019t outright decline.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1568510341&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">July 5, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e10-will-my-grocery-bills-ever-get-lower\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E10 Will my grocery bills ever get lower?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">If you\u2019re wondering whether your grocery bills will ever turn out less scary than they are now, we have bad news for you. Food inflation peaked in Canada just this past January. But slowing inflation does not mean lower prices, it merely means prices will climb at a slower rate. What\u2019s causing prices for food to stay high? And moving forward, what are some of the challenges that will continue to put pressure on food prices in the next decade? Join RBC Economists Claire Fan and Carrie Freestone on this episode of the Ten Minute Take, as they dig into food inflation, and answer questions about your grocery bills.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1556598085&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 21, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e9-interest-rates-are-rising-nbsp-again\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E9 Interest rates are rising&nbsp;<em>again?<\/em><\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The Bank of Canada put the brakes on its record rate hiking cycle in January. Five months later, it sprang back into action\u2014surprising much of Bay Street with a 25 basis point increase. What drove the decision and how much higher will rates rise? More important: how will this impact Canadians? Join RBC Economists Claire Fan and Carrie Freestone on this week\u2019s episode of the 10-Minute Take.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1545426367&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">June 7, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e8-what-will-this-year-s-summer-travel-season-look-like\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E8 What will this year\u2019s summer travel season look like?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Anxious to scratch your travel itch this summer but worried about disruptions and high prices? You\u2019re not alone! In this week\u2019s episode of the 10 Minute Take podcast, RBC economists Carrie Freestone and Claire Fan break down this year\u2019s travel trends for you. We start with what drove the chaos last summer, before moving on to chat about some interesting trends we\u2019ve uncovered. As it turns out, despite resilient demand, Canadians have already made subtle changes to their travel choices to combat rising prices. Finally, we\u2019ll chat about the outlook for travel in an increasingly challenging economic environment, and why we expect things to slow but not crash.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1532556958&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 24, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e7-what-keeps-economists-up-at-night\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E7 What keeps economists up at night?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">\u201cAllow us to introduce ourselves!\u201d In this episode of the 10 Minute Take, get to know RBC economists Carrie Freestone and Claire Fan. Spend a day in the life of an economist and get our latest hot takes on the macro outlook. What\u2019s changed since RBC\u2019s initial recession call last summer? Are signs of weakness emerging? And finally, what do we lie awake thinking about?<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1520836021&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">May 10, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e6-will-higher-wages-arising-from-labour-disputes-fire-up-inflation\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E6 Will higher wages arising from labour disputes fire up inflation?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Canada\u2019s largest public sector strike in decades just ended\u2014with a deal that includes double-digit wage hikes. Will negotiated wage settlements like these undermine the Bank of Canada\u2019s efforts to cool inflation? RBC economists Carrie Freestone and Claire Fan discuss this and other issues on this episode of the 10 Minute Take.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1510511968&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 26, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e5-if-canadian-home-prices-are-falling-why-are-rents-going-through-the-roof\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E5 If Canadian home prices are falling, why are rents going through the roof?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Just as house prices in Canada start to cool off, rent costs are heating up. What\u2019s driving the increase? Declining affordability comes to mind as high home prices push more would-be buyers into rentals. But are other factors at play? And just how pricey can the rental market get? On this special episode of the Ten Minute Take, Rachel Battaglia from the RBC Economics team talks us through the ups and downs of Canada\u2019s home rental market-and what\u2019s next.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1500475972&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">April 12, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e4-how-has-market-turmoil-hit-the-canadian-economy\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E4 How has market turmoil hit the Canadian economy?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The failures of SVB and other U.S. regional banks sent markets roiling. But what does this mean for the broader economy? Is it all temporary noise or could it leave longer-lasting scars on financial markets? In this episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone will take you back to basics, explaining what market volatility is, where they see it and how it will affect economic growth and central bank decisions.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1490696689&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 31, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e3-will-budget-2023-derail-the-bank-of-canada-s-inflation-fighting-campaign\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E3 Will Budget 2023 derail the Bank of Canada\u2019s inflation-fighting campaign?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">The federal budget tabled a buffet of new spending measures. But the price tag was hefty: a $40 billion deficit and no sign of a return to balanced books anytime soon. Is Ottawa spending too much? And how does the budget jive with the current economic and monetary policy backdrop? RBC economists Claire Fan and Carrie Freestone answer these and other burning questions in this episode of the 10-Minute Take.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1481444335&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 15, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e2-what-s-up-with-the-long-lines-at-my-local-coffee-shop\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E2 What&#8217;s up with the long lines at my local coffee shop?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Why are restaurant reservations so hard to find these days? Labour market tightness&#8211;it&#8217;s something we hear on every corner. But what does it really mean? And how is that relevant to you? Join RBC economists Claire Fan and Carrie Freestone in this episode of the 10-Minute Take reboot, where they share their take on Canadian labour markets and where they&#8217;re heading.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1468841956&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"background-color:#eeeeee;color:#eeeeee\" \/>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel rbctl-podcast-pattern\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 mob-pad-t-0 pad-b-0 mob-pad-b-0 pad-l-0 mob-pad-l-0 pad-r-0 mob-pad-r-0\" style=\"border-radius:0x\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-dc0c0d66 wp-block-group-is-layout-flex\">\n<p class=\"mar-b-hlf mob-mar-b-qtr has-text-color has-text-sm-font-size wp-block-paragraph\" style=\"color:#585858\">March 1, 2023<\/p>\n\n\n\n<h4 id=\"h-s1-e1-why-are-groceries-so-expensive-if-inflation-is-moderating\" class=\"wp-block-heading mar-b-hlf mob-mar-b-qtr\">S1:E1 Why are groceries so expensive if inflation is moderating?<\/h4>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-qtr wp-block-paragraph\">Inflation is down, right? So why is my grocery bill still so high? Recent data showed price growth losing steam\u2026yet everything from coffee to chocolate is still expensive. We&#8217;ll explain why, and what to expect in the months ahead on the first episode of the 10-Minute Take reboot.<\/p>\n\n\n\n<div style=\"width:100%;height:20px\" class=\"wp-block-rbc-rbc-iframe mar-b-hlf mob-mar-b-qtr\"><iframe loading=\"lazy\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https:\/\/api.soundcloud.com\/tracks\/1458464347&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=false&amp;show_user=true\" width=\"100%\" height=\"100%\" style=\"border:none\" title=\"Iframe Embed\"><\/iframe><\/div>\n\n\n\n<div class=\"wp-block-group rbctl-podcast-pattern-listen-on-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f4f8f9;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px\">\n<p class=\"wp-block-paragraph\"><strong>Listen on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/ca\/podcast\/the-10-minute-take\/id1508242158\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/7fF7HUWbzFSlcp3rBoHo71?si=nF4Mw78nQxeIHY13Lm7SfQ\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a> or <a href=\"https:\/\/soundcloud.com\/rbc-thought-leadership\" target=\"_blank\" rel=\"noreferrer noopener\">Sound Cloud<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide wide mar-b mob-mar-b\" style=\"margin-top:0;margin-bottom:0;background-color:#eeeeee;color:#eeeeee\" \/>\n","protected":false},"excerpt":{"rendered":"<p>One month into 2026, U.S. inflation continues to run above 2% for a fifth consecutive year\u2014and the reasons go well beyond a single cause. <\/p>\n","protected":false},"author":10,"featured_media":7137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[89],"tags":[115,11,65,58,74,110],"rbc_econ_content_type":[],"class_list":["post-2932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-10-minute-take","tag-canada","tag-economy","tag-inflation","tag-labour-market","tag-mortgage","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Podcast: The 10-Minute Take - RBC Economics<\/title>\n<meta name=\"description\" content=\"Macroeconomics for everybody! It\u2019s everything you wanted to know but were too shy to ask \u2014 in less than 10 minutes.\" \/>\n<meta name=\"robots\" content=\"index, nofollow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/the-10-minute-take\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Podcast: The 10-Minute Take\" \/>\n<meta property=\"og:description\" content=\"Macroeconomics for everybody! 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