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


Monthly Economic Outlook Webcast

Monthly Economic Outlook Webcast

Central banks to the rescue - July 2019

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
Disclaimer


Key Highlights

  • The U.S. Federal Reserve Board (Fed) has strongly hinted that it may cut interest rates in the not-too-distant future, and other central banks have rushed to follow suit. Lower rates could help to support economic growth.

  • There have been a number of negative economic developments:
    • manufacturing data around the world has softened;
    • the risk of recession continues to rise as the yield curve inverts further; U.S.-China relations remain perilous
    • disputes have expanded between the United States and Iran, as well as between Canada and China.

  • There have also been several positive developments:
    • despite weak manufacturing data, consumers and the services sector are doing well.
    • central banks have become more dovish, making financial markets feel good.
    • Although global debt remains high, it is broadly stable, with the global debt-to-GDP ratio no longer rising, as it has done over the past few decades.

  • Mexico has ratified the USMCA trade agreement; Canada has already indicated that it will ratify the deal.

  • U.S. President Trump will meet with Chinese President Xi at the G-20 Summit, although we expect a neutral outcome.

  • Boris Johnson is now the clear frontrunner in the U.K. prime minister race, increasing the risk of a hard Brexit.

 

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Eric Lascelles

Chief Economist
RBC Global Asset Management Inc.

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