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Research Report · Market Outlook

RBC Economics - Jan 25

Global growth, central-bank path assumptions, and commodity-market implications.

Source: RBC EconomicsPublished: Jan 25, 2026Region: Global
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Executive summary

Global growth remains uneven as central banks balance easing expectations against sticky services inflation.

Key takeaways

  1. Growth divergence is still the core macro theme.
  2. Central-bank paths are not synchronised.
  3. Commodity markets remain China-sensitive.

Market context

The strongest market signal is dispersion across currencies, commodity exporters, and duration-sensitive assets.

Policy context

Policy paths differ by inflation persistence, fiscal stance, and labour-market slack.

Data signals

Global CPI, commodity indices, and central-bank path assumptions remain the key dashboard.

What to watch next

Watch global PMIs, commodity demand, and central-bank forward guidance.