RBC Financial Markets Monthly

Central banks hold the line as more clouds roll in

We are pleased to provide the September 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

  • The global economic backdrop is darkening as growth slows in China, while elevated interest rates weigh on Canada, the Euro Area and the UK
  • Canadian inflation is still “sticky,” but the Bank of Canada was comfortable enough to pause interest rate hikes (again) amid slowing labour market conditions
  • US consumers show no signs of tapping out, though easing inflation is taking pressure off the Fed
  • The European Central Bank is expected to pause, while the Bank of England is likely to keep hiking rates as services inflation and wages grow


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RBC Economics, Financial Markets Monthly, September 2023