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’s everything you wanted to know but were too shy to ask — in less than 10 minutes.

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October 3, 2024

S2:E20 Inflation is back at 2%—why doesn’t it feel like it?

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.

But as much as that is good news, a closer look at the data shows today’s 2% inflation is not quite the same as 2% inflation from before the pandemic.

On this episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone discuss the latest inflation trends in Canada and how and why it’s different from before and what this means for the economy going forward.

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September 20, 2024

S2:E19 What led the U.S. Fed to cut interest rates by 50 basis points?

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–propped up by robust consumer activity.

On this episode of the 10-Minute Take, join RBC Economists Claire Fan and Carrie Freestone and special guest, RBC Chief Economist Frances Donald, as they unpack the Fed’s latest interest rate decision and what red or green flags are emerging from U.S. economic data

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September 5, 2024

S2:E18 What do new Chinese EV tariffs mean for Canadian businesses and consumers?

The Liberal government recently announced new tariffs on electric vehicles, steel and aluminum imports from China—marking the latest move in the global trend of trade segregation to boost domestic priorities.

That’s not the end of it – 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.

In this episode of the 10-minute take, join RBC Economists Claire Fan and Carrie Freestone for details about the new tariffs, as they unpack the potential impact on the Canadian economy and broader trade relations going forward.

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August 22, 2024

S2:E17 What have market volatility and recession fears meant for Central Banks?

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 “Sahm rule” in the U.S. was met with recession fears.

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?

In this episode of the 10-minute take, join RBC Economists Claire Fan and Carrie Freestone 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.

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August 8, 2024

S2:E16 Young Canadians are complaining about the economy. Do they have a point?

Younger Canadians are bearing the brunt of the softening labour market, accounting for the lion’s share— 80%—of the increase in Canada’s unemployment rate since the summer of 2022.

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.

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’ lives. In this week’s episode of the 10-Minute Take, join RBC economists Claire Fan and Carrie Freestone as they take a deep dive into the challenges facing young Canadians.

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July 25, 2024

S2:E15 What is behind Canada’s rising unemployment if it’s not immigration?

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.

It is true that landed immigrants are seeing a faster increase in the unemployment rate, but that’s 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.

In this week’s episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone unpack trends in the labour market, starting with how immigration fits into it all. They’ll then discuss which age groups and industries have been hit particularly hard, before finishing up with what to expect going forward.

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July 11, 2024

S2:E14 What does a second Trump presidency mean for North American trade?

The focus is back on former U.S. president Donald Trump’s regressive trade policies after the first U.S. presidential debate and heading into November’s elections.

On his campaign trail, Trump has promised to impose hefty tariffs on imports if elected for a second term—suggesting 60% tariffs on imports from China and 10% tariffs on all other imports across the board.

In this week’s episode of the 10-Minute Take, RBC economists Claire Fan and Carrie Freestone look back at tariffs imposed by Trump during his last presidency and their impact on the U.S. economy. They’ll 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.

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June 27, 2024

S2:E13 Why should we care about a productivity gap in Canada?

Canada’s underperformance in productivity has attracted a lot of limelight recently. It’s 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’s 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.

Indeed, historically, gains in productivity have correlated well with real wage growth. And that’s 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.

On this episode of the 10-Minute Take, join RBC Assistant Chief Economist Nathan Janzen and Economist Claire Fan as they tackle productivity. They’ll start by going over all the basics – what productivity is, how it’s measured and why it matters, before detailing a few of the many drivers underlining Canada’s underperformance, and what could help in the period ahead.

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June 13, 2024

S2:E12 Travel season’s here! What can we look forward to?

With summer approaching, what can we look forward to this year’s 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’s where there’s still a sizable gap to be filled.

On this episode of the 10-Minute Take, join RBC Economists Carrie Freestone and Claire Fan as they unpack travel trends. They’ll 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.

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May 30, 2024

S2:E11 How does population aging weigh on Canada’s economy, and how can immigration help?

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.

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’ll highlight how Canada measures up against the U.S. and the role immigration can play to soften the blow.

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May 16, 2024

S2:E10 What is a neutral rate of interest and why did the Bank of Canada move it higher?

In April, the Bank of Canada shifted its estimate for neutral rate up 25 basis points- a reflection that the ‘normal’ of interest rates in the post-pandemic era is likely higher than the decade before. Taking a step back, what exactly are ‘neutral’ 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?

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 ‘neutral’ rate of interest.

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May 2, 2024

S2:E9 Will the Bank of Canada be influenced by higher for longer in the U.S.?

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?

On this week’s 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.

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April 18, 2024

S2:E8 How can we improve housing affordability for Canadians?

Housing affordability has become a generational concern in Canada and recently took centre-stage in the Federal Budget. At today’s 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?

On this week’s episode of the 10-Minute Take we are joined by special guest, RBC’s Assistant Chief Economist Robert Hogue to discuss his latest report, The Great Rebuild. Robert will unpack what has driven Canada’s momentous housing supply challenges and how they can be solved in the years ahead.

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April 3, 2024

S2:E7 What can we expect from Canada’s new cap on temporary residents?

Two weeks ago, Canada’s 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.

On this week’s 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’s expected to be impacted in the near-term before delving deeper to discuss the broader implications on Canada’s population growth, GDP and other important economic metrics.

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March 6, 2024

S2:E6 Why is it so hard for renters to save?

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.

On this week’s 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’s population.

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March 6, 2024

S2:E5 Will Generative AI lift Canadian productivity?

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 – 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 “productivity enhancing”. And that’s an area that Canada has been underperforming for decades. Growth in productivity bears great importance as that what real wage growth, and therefore people’s living standards greatly depend on. So can generative AI be the silver bullet that pulls the Canadian economy out of its productivity rut?

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.

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February 21, 2024

S2:E4 Will the international student cap impact Canadian rents?

Over the past few years, Canada’s 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.

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.

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February 08, 2024

S2:E3 What will drive growth in the back half of 2024?

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.

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January 24, 2024

S2:E2 Surprises in 2024, already?

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 “sticky” 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’s longer job searches for students and new graduates that are bearing the brunt instead.

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.

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January 11, 2024

S2:E1 When are interest rate cuts coming?

It’s a new year and the Bank of Canada (BoC)’s 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?

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.

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December 7, 2023

S1:E21 What surprised economists in 2023?

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 “recession” 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.

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.

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November 23, 2023

S1:E20 What’s going on in the Canadian jobs market?

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.

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.

In this week’s episode of the 10-Minute Take, economists Carrie Freestone and Claire Fan look at the latest Canadian labour market data. They’ll discuss what’s behind the ongoing deterioration, and what to expect moving forward.

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November 8, 2023

S1:E19 How has soaring immigration impacted economic growth in Canada?

This past decade, Canada’s population growth outpaced India, China, and South and Central America, surpassing the global average. In recent years, Canada’s 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.

In this week’s 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.

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October 25, 2023

S1:E18 How badly are Canadian businesses and consumers wounded by high interest rates?

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.

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.

Tune in to this week’s 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.

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October 12, 2023

S1:E17 How long can the U.S. economy’s outperformance last?

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’t think so! Tune in to this week’s episode of the 10-Minute Take as RBC economists Carrie Freestone and Claire Fan unpack what’s driving U.S. resilience and why it won’t last.

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September 28, 2023

S1:E16 Why are so many workers on strike these days?

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’s still a gap to close – 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’s driving the higher frequency of wage disputes and the importance of taming inflation in order to mitigate these disruptions.

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September 14, 2023

S1:E15 How indebted are Canadians and is it a problem?

While Americans are still spending, Canadians are tightening their belts. And the U.S. economy continues to surge while Canada’s 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–and just how worried we should be about it all. Tune in!

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August 30, 2023

S1:E14 When China sneezes, do we all catch a cold?

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.

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’s 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.

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August 16, 2023

S1:E13 Are the Bank of Canada’s interest rate hikes working?

Western central banks don’t want to push interest rates higher…but they will if they need to. So how effective have rate hikes actually been?
The latest data offers conflicting signals: unemployment is up but inflation remains above target—and consumer spending is still strong. In this episode, RBC economists Claire Fan and Carrie Freestone examine this burning question, assess the likelihood of a “soft landing” (and explain what that is).

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August 2, 2023

S1:E12 Will the pandemic pet economy boom last?

If you have a four-legged friend at home, that makes you part of the pet economy!

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’ time spent at home rose substantially, along with their need for companionship – 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’ hands, lowering spending on all things including pet-related products and services.

Join RBC Economics Carrie Freestone and Claire Fan in this week’s episode of the Ten Minute Take, where they take a closer look at the pet economy, how much it’s grown and where it’s headed.

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July 19, 2023

S1:E11 Why aren’t rising rates cooling Canadian spending?

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’s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone explain why spending will slow but won’t outright decline.

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July 5, 2023

S1:E10 Will my grocery bills ever get lower?

If you’re 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’s 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.

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June 21, 2023

S1:E9 Interest rates are rising again?

The Bank of Canada put the brakes on its record rate hiking cycle in January. Five months later, it sprang back into action—surprising 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’s episode of the 10-Minute Take.

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June 7, 2023

S1:E8 What will this year’s summer travel season look like?

Anxious to scratch your travel itch this summer but worried about disruptions and high prices? You’re not alone! In this week’s episode of the 10 Minute Take podcast, RBC economists Carrie Freestone and Claire Fan break down this year’s travel trends for you. We start with what drove the chaos last summer, before moving on to chat about some interesting trends we’ve uncovered. As it turns out, despite resilient demand, Canadians have already made subtle changes to their travel choices to combat rising prices. Finally, we’ll chat about the outlook for travel in an increasingly challenging economic environment, and why we expect things to slow but not crash.

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May 24, 2023

S1:E7 What keeps economists up at night?

“Allow us to introduce ourselves!” 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’s changed since RBC’s initial recession call last summer? Are signs of weakness emerging? And finally, what do we lie awake thinking about?

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May 10, 2023

S1:E6 Will higher wages arising from labour disputes fire up inflation?

Canada’s largest public sector strike in decades just ended—with a deal that includes double-digit wage hikes. Will negotiated wage settlements like these undermine the Bank of Canada’s efforts to cool inflation? RBC economists Carrie Freestone and Claire Fan discuss this and other issues on this episode of the 10 Minute Take.

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April 26, 2023

S1:E5 If Canadian home prices are falling, why are rents going through the roof?

Just as house prices in Canada start to cool off, rent costs are heating up. What’s 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’s home rental market-and what’s next.

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April 12, 2023

S1:E4 How has market turmoil hit the Canadian economy?

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.

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March 31, 2023

S1:E3 Will Budget 2023 derail the Bank of Canada’s inflation-fighting campaign?

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.

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March 15, 2023

S1:E2 What’s up with the long lines at my local coffee shop?

Why are restaurant reservations so hard to find these days? Labour market tightness–it’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’re heading.

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March 1, 2023

S1:E1 Why are groceries so expensive if inflation is moderating?

Inflation is down, right? So why is my grocery bill still so high? Recent data showed price growth losing steam…yet everything from coffee to chocolate is still expensive. We’ll explain why, and what to expect in the months ahead on the first episode of the 10-Minute Take reboot.

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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.