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12 Jan 2026

12 Jan 2026

Noise vs Signal

• Headline noise. Markets continue to take geopolitical/macro developments in stride. US equities rose overnight. AUD ticked higher.• US Fed. Investigation into Fed Chair Powell raises concerns about central bank independence. US CPI out tonight. US retail sales due later this week.• AU data. Household spending firmer than expected. AU jobs data (22 Jan) & Q4 CPI (28 Jan) important for RBA. A February rate hike is ~30% priced in. Global Trends A few geopolitical and economic crosscurrents such as developments in Venezuela and some US data have generated modest bursts of intermittent volatility over the past few weeks. But...

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12 Jan 2026

‘Sell America’ trade returns, albeit in modest form

The US dollar, Treasuries, and stock market indices are all trading slightly lower this morning after the Trump administration stepped up its assault on the Federal Reserve, launching a criminal investigation into Chair Jerome Powell’s management of a headquarters renovation project. According to a highly unusual video statement published last night, the Chair said he had received grand jury subpoenas from the Justice Department that threaten a criminal indictment in a case that most market participants see as part of an effort to reduce the Fed’s independence and push monetary policy into more accommodative territory. “This is about whether the...

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