The 10-Minute Take

U.S.-Canada trade talks have broken down followed by new tariffs from each side. At the same time, 30-year U.S. Treasury yields hit their highest level since 2007—driven by persistent inflation concerns, and a national debt crossing US$40 trillion.
In this episode of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone discuss:
What the latest tariffs and the counter measures mean for the broader Canadian economy.
Why 30-year Treasury yields are at two-decade highs, and what its buyback program can and can’t fix.
How inflation, fiscal deficits, and rising interest costs are creating a challenging bind for the U.S.

Canadians’ spending heated up fast this summer. Excluding autos and gasoline stations, total purchases saw the largest quarterly increase in four years despite headwinds from tariffs and a soft labour market.
What underpinned the strength in Q2? Did the increase vary across different age groups? What role did the FIFA World Cup play? And, where do we see spending heading later this year?
In this episode of The 10-Minute Take, Claire Fan sits down with economists Abbey Xu and Rachel Battaglia, co-authors of the Q2 RBC Consumer Spending Signals report, to break down the latest trends and what they mean for the Canadian economy.
Watch or listen to our newest episode here or wherever you get your podcasts.

Rising consumer prices since the pandemic have added to significant cost-of-living challenges for households in North America.
Prices for essential items like food and shelter in Canada and the U.S. have risen at a faster pace since 2020 than average hourly income, limiting the growth in households’ purchasing power.
Those challenges have moderated in recent years, but the path has not been even. In 2026, soaring global oil prices, and fuel costs at home once again raised consumer prices, but the central banks have not rushed to react.
Join us in this special podcast and video edition of the 10-Minute Take, where RBC Economics’ Carrie Freestone and Claire Fan break down cost-of-living challenges.
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The first Joint Review of CUSMA is underway. With U.S. tariffs still in place and trade tensions high, there's significant anxiety about what happens next.
The good news: No extension on July 1 doesn't mean a termination. CUSMA won't expire until 2036, and meantime, the agreement and its related exemptions will keep functioning as is. What follows is likely a lengthy negotiation with key trade irritants like Rules of Origin requirements and potential demands for strategic alignment with U.S. trade goals emerging as focal points.
In this episode of the 10-Minute Take, RBC Economics' Carrie Freestone and Claire Fan discuss:
How much protection CUSMA is currently providing Canadian exporters.
Why the worst-case scenario of a termination has grown less damaging to Canada's economy.
Key pain points that could surface during the negotiations.
What this review means as a precedent for future U.S. trade agreement renewals.

The U.S. Federal Reserve’s policy meeting in June marked Kevin Warsh's first as Chair—and it came with a clear shift in focus. Inflation dominated the press conference, while the labor market received minimal attention.
The changes went beyond tone. Forward guidance was removed from the Statement, the easing bias is gone, and half of FOMC participants view at least one interest rate hike as appropriate in 2026—up from a majority expecting cuts just three months ago.
In this episode of The 10-Minute Take, RBC Economics' Carrie Freestone and Claire Fan discuss:
What Chair Warsh signaled about his approach—and how it differs from Jerome Powell's.
Why current data supports a focus on inflation with core Personal Consumption Expenditures above 3% and the labor market holding steady.
How the statement shifted from an easing bias to a hawkish lean since March, and what RBC expects for interest rates through 2027.