The 10-Minute Take
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The 10-Minute Take
Macroeconomics for everybody! The (new) 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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When data goes dark: The ripple effects of a U.S. government shutdown
It’s the 23rd day of the U.S. government shutdown and 750,000 federal workers are furloughed.
Significant data disruptions are clouding visibili...
International trade 101—the Canadian edition
Amid the constant churn of U.S. tariff headlines, fundamental questions about Canada's trade often go unanswered. Questions such as:
• What exac...
Rate Cuts and Crossroads: What’s Next for the Fed and BoC?
Both the Federal Reserve and the Bank of Canada returned from the sidelines this week – with widely anticipated decisions to cut their policy rate by...
Are U.S. tariffs close to achieving their goals?
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...
Stagflation lite: What this means for the U.S. economy
Recent economic data in the U.S. reinforces our "stagflation lite" view as early signs of tariff impacts have emerged alongside unexpected labour mark...
BoC hits pause: Why rates aren’t budging amidst uncertainty
The Bank of Canada held its overnight rate steady for the third consecutive meeting in July despite acknowledging some softening in the Canadian econo...
Is Canada's housing market regaining its footing?
Canada's housing market is showing early signs of recovery after months of trade war anxiety kept homebuyers on the sidelines.
But even with thr...
Why is the U.S. unemployment rate low amid trade uncertainty?
The U.S. unemployment rate has remained near historic lows amid massive uncertainty from trade wars.
A long-term structural trend—surging retir...
How worried should we be about spiking oil prices?
Oil prices spiked last week following escalating conflict in the Middle East between Israel and Iran. This has raised concerns about higher inflation...
How is large government debt in the U.S. shaping its economy?
An enormous U.S. government deficit continues to raise concerns about fiscal sustainability as Moody’s joined other rating agencies in downgrading the...
How has the U.S.-China trade war de-escalation impacted our forecasts?
The U.S. administration reducing tariffs on Chinese imports from a staggering 145% to 30% marked a significant breakthrough in the ongoing trade war....
Trade war backlash: Where are Canadians vacationing now?
The trade war is changing travel plans. As tensions simmer, Canadians’ trips to the U.S. dropped substantially in early 2025 compared to last year.
Forecasting in volatile times: Are tariffs a game changer for growth and inflation?
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, a...
Are services immune to tariffs in the trade war?
More attention is being focused on how Canada can better diversify trade to alternative sources as U.S. tariffs and threats continue to escalate.
Have the impact of tariffs shown up in the jobs market yet?
Consumers and businesses on both sides of the border have been paralyzed with uncertainty related to trade. Confidence has tanked and we've also witne...
Is inflation making a comeback in Canada?
Economic data has shown that Canadian inflation was a little firmer than expected in early 2025, especially after considering the impact of the federa...
What we’ve learned about U.S.-Canada trade so far
As the threat of tariffs has been evolving, economists have been busy assessing the potential economic fallout. In this episode, RBC Economics’ Carrie...
How do Economists measure the impact of potential tariffs on Canada?
The looming threat of potential U.S. tariffs is keeping economists and monetary policymakers up at night. In this episode, RBC Economics’ Claire Fan a...
The Loonie slump: What’s behind it and where it’s headed
Season three of the 10-Minute Take is here, and we’re kicking things off with a deep dive into a hot topic—the Canadian dollar’s dramatic dip against...
What economists are thinking about heading into 2025
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...
What does a massive U.S. government deficit mean for Canada?
The U.S. government deficit is unusually large at 6.4% of gross domestic product in 2024—the average over the last five decades is 3.7%. Promises from...
Why are so many Canadians struggling if we’re amassing record savings?
Canadian household balance sheets appear exceptionally strong as disposable income continues to rise alongside savings. But, what the latest economic...
Will there be another jumbo rate cut from the BoC in December?
The Bank of Canada cut the overnight rate by 50 basis points in October—marking the largest reduction since the pandemic. A day later, the federal gov...
Canadians are still renewing mortgages at higher rates- will this hurt the economy?
With many Canadian households planning to renew longer-term fixed rate mortgages at higher rates into 2025 and 2026, Canada’s “mortgage renewal cliff”...
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 int...
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 poli...
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 globa...
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 m...
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...
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...
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...
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 aga...
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 Canadi...
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...
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-pa...
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 econom...
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...
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 ann...
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 s...
Can Generative AI solve Canada’s productivity challenge?
Generative AI is still a relatively new technology- to-date, just over 9% of Canadian businesses have adopted it. But among Canadians who use generati...