RBC Financial Markets Monthly

Central bank bias

We are pleased to provide the January 2023 edition of Financial Markets Monthly from RBC Economics. This publication includes a forward-looking analysis of Canadian, US and international financial market trends.

Key highlights

  • Fed and ECB attempt to guide higher terminal rate expectations
  • Strong jobs data will delay BoC’s interest rate pause…
  • …and a 25 bp rate hike is now expected in January
  • 2023 should be a better year for bond markets
  • Labour markets will soften as economies slip into recession


Read more



RBC Economics, Financial Markets Monthly: Triangulating terminal, January 2023