We expect the Federal Reserve to maintain its monetary policy unchanged next week, in line with broad consensus and market pricing. The Fed will not publish updated projections, so the focus is strictly on Powell’s remarks. We do not expect new guidance on the reserve management purchases or other balance sheet considerations. We maintain our…
January 22, 2026January 22, 2026 As global health systems remain on alert for future pandemics, the United States is set to formally exit the World Health Organisation (WHO) on 22nd January. This move could reshape international health cooperation at a critical time. The decision dates back to President Donald…
Highlights The U.S. dollar is coming off a difficult year, but concerns that global investors are fleeing it in droves are overblown. The depreciation over the past year still leaves the dollar close to 2024 levels on a trade-weighted basis and in line with its long-term average against many major currencies. Looking ahead to 2026,…
The second full week of 2026 was dominated by high-level political and macro headlines, leaving markets in a constant state of reassessment rather than conviction. Traders were confronted with a dense mix of headlines, ranging from renewed scrutiny of the Fed’s independence to mounting speculation over who will succeed Jerome Powell as Fed chair. At…
Canadian Highlights The housing data offered mixed signals this week. Housing starts came in above the recent trend, while existing home sales declined for the second straight month in December. Canada reached a trade deal with China, agreeing to admit up to 49k electric vehicles into the domestic market in exchange for a reduction on…
Donald Trump has no intention of dismissing Jerome Powell. The White House’s decision to postpone tariffs on minerals has dealt a blow to precious metals. When Donald Trump sneezes, the markets get a fever; when he is in a nice mood, they flourish. The US president’s statement that he has no plans to oust Jerome…
The first full week of 2026 delivered a barrage of geopolitical shocks that would normally be expected to rattle global markets. Instead, investors largely looked through the noise, producing a market outcome that appears counterintuitive at first glance. The most dramatic development came from Latin America, where the US carried out a direct military intervention…
US service sector momentum softened at the end of 2025, with Services PMI finalized at 52.5 in December, down from 54.1 in November and the lowest level in eight months. Composite PMI also eased to 52.7 from 54.2, pointing to slower but still expansionary growth as the year closed. According to S&P Global Market Intelligence…
The ISM Manufacturing Index fell to 47.9 in December, down from November’s reading of 48.2. Only two industries reported growth last month, down from four in November. The share of manufacturing GDP reporting a contraction increased sharply to 85 percent, up from 58 percent in November. Demand conditions remain in contraction but improved somewhat. New…
TRM’s report shows crypto is now embedded in state economic and security planning, not treated as a fringe asset. A new report by blockchain intelligence firm TRM Labs has revealed that governments around the world are no longer standing on the sidelines of crypto markets, with states from North Korea to Singapore actively putting…