Economic updates, your RBC mobile experience, and how to make gyoza

Sep 17, 2021 | Elinesky Schuett Private Wealth Management


Your weekly update from Elinesky Schuett Private Wealth Management

In our blog post this week, our economic commentary focuses on Canada and the fourth wave, inflation, and the federal election. We have also included the most recent economic update video from Eric Lascelles, RBC Global Asset Management’s Chief Economist, Decelerating economic activity, peaking inflation and the upcoming Canadian election.

RBC Wealth Management online is now available with the updated RBC Mobile app. This week, Bryan and Sarah Baeumler share how they use the RBC Mobile app to access their accounts. Your link to the video is below.

The At home with RBC series continues to share fantastic videos that you can watch from the comfort of your home. We’d love to hear what you thought of last week’s video, Curating your home art collection. This week we’re taking you to the kitchen with a great instructional video that will teach you how to make gyoza from scratch. Enjoy!

As always, we end our weekly blog post with a few good news stories from in and around our community.

Your economic update

Equity markets have been relatively resilient the past few weeks in the face of moderating growth momentum and upcoming changes to central bank policy, particularly the U.S. Federal Reserve, but Canadian investors have understandably been more preoccupied with issues at home. Provinces are now in the thick of a fourth wave of the pandemic, inflation has been making headlines, and the federal election is just days away. Below, we share some brief thoughts on these issues.

The fourth wave in Canada
Canada is now experiencing its fourth wave of rising infections of COVID-19. While the situation may worsen still, based on seasonal factors and the experience seen elsewhere, the expectation is that the rate of hospitalizations and mortality may not necessarily reach the levels of prior waves as a result of vaccines. This may vary from province to province given differences in vaccination rates and policies. The onset of this new wave is frustrating and tiring, and represents a familiar headwind to many businesses, large and small. However, its overall economic impact may be more limited this time around as its influence on activity levels has been diminishing with each successive wave.

Inflation is alive and well
Evidence continues to point to inflation being alive and well in this country. The core Canadian consumer price index (CPI) for August, which excludes food and energy, rose by 2.7 percent year-over-year, representing the highest rate of inflation seen in nearly twenty years. The strength in the inflation readings was expected given the comparisons to the same period a year ago when prices were still relatively depressed. Moreover, it is clear that a select few areas are driving a good amount of the price gains. For example, the “transportation” component of CPI, measuring vehicle prices among other transportation items, was up significantly. The automotive global supply chain remains in a fragile state, resulting from the shortage of microchips. This has forced most manufacturers to reduce production, which in turn has driven prices materially higher. There is no clear sense as to when these kinds of supply chain pressures will ease, suggesting the risk of elevated inflation being longer lasting remains a possibility.

Federal election is days away
The federal election is upon us. As usual, there is a wide range of issues on the minds of voters. The next government will be tasked with a delicate balancing act between nurturing and navigating the country’s economy through the ongoing pandemic, while addressing structural and longer-term issues such as climate and energy, innovation, and competitiveness, among other concerns. There’s also the challenge of tackling the government’s fiscal situation, which has deteriorated in light of the significant spending undertaken over the past year. Needless to say, there is plenty of work ahead for whichever party prevails.

We don’t want to sound too dismissive, but it is important to remind ourselves that politics may have relatively minimal effects on the investment outlook. At least that’s what the historical evidence appears to suggest. Throughout the past century, the Liberal Party has spent nearly two thirds of the time in power compared to nearly one third for the Conservative Party. There have been poor, average, and good years for Canadian stocks during periods in which both parties were in power. Rather than politics, we believe monetary conditions, the economic climate, and corporate fundamentals have been, and will remain, the predominant factors driving equity returns in the future.

Decelerating economic activity, peaking inflation and the upcoming Canadian election

In this video, RBC Global Asset Management’s Chief Economist, Eric Lascelles, reviews improving COVID infection numbers amidst weaker economic figures. In particular, he points to manufacturing challenges in Asia and chip shortages. He also notes that inflation, while less hot, will likely remain high in the near term. Finally, he explores the differences between the platforms set out by the two leading Canadian parties and how financial markets are likely to respond post-election.

Watch the video online: Decelerating economic activity, peaking inflation and the upcoming Canadian election

White text on blue background with an


For Bryan and Sarah, security comes first when accessing their financial accounts online

Learn why HGTV Canada’s Bryan and Sarah Baeumler use the new RBC Wealth Management experience on the RBC Mobile app to access their accounts – wherever and whenever they need.

Watch the video online: For Bryan and Sarah, security comes first when accessing their financial accounts online

A couple sitting on a couch

Have you downloaded the new RBC Mobile app to experience the new RBC Wealth Management online? If you don’t have the RBC Mobile app already installed or haven’t recently updated your app, detailed instructions on how to download the app are available online. Click here for the complete list of RBC Wealth Management Online How-To Guides, and choose the link “How to install the RBC Mobile app”. To update your RBC Mobile app, simply follow the same instructions, but click “update”.

If you have any questions about the mobile or desktop version of RBC Wealth Management online, please contact our office directly.

At home with RBC

We are excited to share a specially curated series featuring experts from arts and culture, food and wine, lifestyle and sports, and more, entertaining you from the comfort of your own home. Watch these blog posts each week for a new video in the At home with RBC series.

Making Gyoza

Cook up the flavors of Japan. Chef John Sugimura shares a recipe for authentic Japanese gyoza dumplings. Watch the video online: Making Gyoza


Community Corner

Each week, we like to share a few good news stories from in and around the community. We hope that they brighten your day!

As always, we are available to connect with you personally. Please don’t hesitate to contact us at 519-822-2024 or