Dollar Modestly Lower January 29, 2026 Fed Chairman Powell’s press conference yesterday elicited a subdued reaction in financial markets. Typical of the end of each month, there is an extensive menu of data getting released around the world today and tomorrow. Relative to Wednesday closing levels, the dollar has slid 0.2% or less against a…
FOMC Statement and Powell’s Press Conference Afterward January 28, 2026 Changes made to the text of today’s statement and voting results at the meeting support today’s decision to to pause interest rate cutting after 25-basis point reductions at each of last year’s final three meetings. Stephen Miran, Trump’s temporary appointment to fulfill the governor ship…
No Change in 2.25% Overnight Bank of Canada Interest Rate January 28, 2026 The Bank of Canada’s decision to hold its interest rate level at 2.25% was as expected, and the quarterly Monetary Policy Report made scant changes to the 2026 and 2027 growth and inflation forecasts. From a peak of 5.0% from July 2023…
FOMC Preview January 28, 2026 The eight scheduled Federal Open Market Committee meetings scheduled each year have become instances of very high theater. The progressive ramping up of pressure on the committee from the Trump administration hit new heights during the seven weeks since the group last met, forcing Chairman Powell is issue an unprecedented…
Respite for the Dollar Ahead of FOMC Announcement January 28, 2026 Financial market watchers and participants are overwhelmingly convinced that the Federal Open Market Committee will leave its federal funds target at 3.50-3.75%. The announcement arrives at 14:00 EST and will be followed by Chairman Powell’s press conference beginning 30 minutes later. Fed forecasts do…
EU and India Finalize Grand Remedy Against the Trade Restraints of the United States & China January 27, 2026 Perhaps motivated by a desire to deflect attention away from the mess that ICE has made in Minneapolis, President Trump wielded the tariff weapon once again, threatening South Korea with a 10 percentage point jump to…
Weaker Dollar to Start final Week of January January 26, 2026 Ahead of a possible U.S. government shutdown at the end of this month and on the heels of another killed civilian in Minneapolis, the dollar by early afternoon in NY had depreciated 1.2% against the yen, 0.8% versus the Swiss franc, South Korean won…
Next Week’s Menu: January 24-30, 2026 January 23, 2026 Central Banks: Monetary policy stance reviews in Ukraine, South Africa, Sweden, Canada, Sri Lanka, Pakistan, Hungary , Uzebekistan and the Federal Reserve. The FOMC meeting is not one of those in which forecasts get updated, but Chairman Powell will hold a press conference. So will Bank…
Davos Aftermath January 23, 2026 Today was the last day of the annual World Economic Forum in Switzerland. While there been considerable relief that President Trump lifted his threat of a new round of sharp tariff hikes against Europe, a sour taste was left by the possibility that NATO unity has crossed a line from…
Turkish Central Bank Interest Rate Cut by Less than Forecast to 37% from 38% January 22, 2026 As in Hungary, Turkey’s interest rate and inflation experiences this decade epitomize the danger of allowing politicians a voice in monetary policy-making. It rarely ends well. The Central Bank of Turkey‘s interest rate has been as low as…