Economic Outlook

Hear directly from RBC Global Asset Management Chief Economist, Eric Lascelles in his monthly and quarterly updates. Representing RBC GAM Investment Strategy Committee's (RISC) economic views, Eric shares timely insights and the expectations of RBC GAM on the global economy.

Current economic trends: An in-depth look with Eric Lascelles

RBC Global Asset Management Chief Economist, Eric Lascelles identifies and dissects key signals hidden within noisy economic data and fast-moving financial markets.

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Monthly Economic Outlook Webcast

Monthly Economic Outlook Webcast

Stutter-stepping markets - April 2017

Eric Lascelles, Chief Economist, RBC Global Asset Management, shares the latest views on the global economy and offers insight into today’s economic issues.

The webcast includes an audio and slide presentation.

Launch Presentation

Key Highlights

  • The U.S. economy continues to surprise on the upside, but these surprises may be short lived as expectations for economic growth begin to rise. Nearing normal cycle heights, strong readings in U.S. manufacturing activity are also encouraging, but are unlikely to advance further. Hopes of U.S. deregulation are high and could provide another avenue for economic growth.

  • President Trump's approval rating is in decline, decreasing his political capital. The recent Obamacare "repeal and replace" failure has hurt his chances of enacting bold policy actions in the near future.

  • Despite the U.S. dollar's retreat back to U.S. Election Day levels, RBC GAM forecasts the dollar will move higher over the coming months.

  • The market has responded well to the U.S. Federal Reserve's rate increase in March. RBC GAM expects additional rate hikes over the next two years, with a minimum of two in 2017 and possibly three in 2018, ultimately shifting the U.S. to a more normalized monetary policy.

  • The Eurozone is rising out of its deflationary environment, driven by economic tightening and the end of the commodity shock. Temporary employment is on the rise, bringing both good and bad news.

  • Chinese home prices continue to accelerate, a trend that began in 2015. RBC GAM believes the market will soon begin to cool. Drivers of this cooldown may include policymakers tightening monetary policy and introducing new taxes, and the credit market starting to normalize.

  • The Alberta economy is staging a comeback, growing at the same rate as Ontario. The white hot Toronto housing market is being pushed by speculators and first-time homebuyers quick to buy out of fear of further price increases. RBC GAM believes the market may not be able to maintain this growth trajectory and may move sideways over the near term.


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