RBC Financial Markets Monthly

Softening outlook keeping central banks at bay

We are pleased to provide the November 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

  • Elevated policy rates and tight financial conditions continue to slow consumer spending in Canada, the Euro area and the UK
  • BoC, ECB and BoE are not expected to hike rates further; while inflation readings in these regions remain above target, they are set to drop as excess demand dissipates
  • The Fed is also expected to forego additional rate hikes despite an acceleration in Q3 GDP growth; muted inflation pressures and cooling labour markets are leaving the Fed room on the sidelines
  • Evidence is mounting that economic activity is softening and inflation will continue to slow


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RBC Economics, Financial Markets Monthly, November 2023