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 visibility over the economy just as the U.S. Federal Reserve restarts its rate-cutting cycle.In this episode of the 10-Minute Take, join RBC Economists Claire Fan and Carrie Freestone as they discuss:Why data disruptions may be more concerning than immediate economic disruptions.What alternative private sector indicators reveal about the current state of the U.S. economy.The Fed's likely path forward amid the data blackout and trade uncertainty.
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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 exactly does Canada export—and where does it all go?• Has Canada always been this dependent on the U.S. market?• Which provinces are most at risk from trade disruptions?• Should we worry less about tariffs on certain goods like fungible raw materials than others?In this episode on the 10-Minute Take, RBC Economics’ Claire Fan and Carrie Freestone dig into these questions and more.
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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 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. In this episode, RBC economists Carrie Freestone and Claire Fan unpack what drove these decisions and why they view the Fed’s action as a step toward policy normalization—not easing. Later, they shift their focus to Canada, where a mixed data picture begs the question: will the BoC cut rates again in October?
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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 their objectives. In this episode of the 10-Minute Take, RBC Economics' Assistant Chief Economist Nathan Janzen is joined by Senior Economist Claire Fan to discuss: • Who’s bearing the costs of tariffs so far.• The current and future prospects for U.S. manufacturing amid protectionist measures.• Whether tariff revenues can make a meaningful dent in America's massive federal deficit.• What these findings mean for the sustainability of U.S. tariff policy going forward.
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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 market weakness.In this episode of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone break down:• What stagflation lite means and why it's different from severe stagflation in the 1970s.• How producer price data are showing early impacts of tariffs before these fully reach consumer prices.• Why dramatic downward revisions to employment figures signal a concerning trend.• What this scenario in the U.S. means for Canada’s export-dependent economy.
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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