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28 Jan 2026

28 Jan 2026

RBA U-turn

• Holding on. No change in rates by US Fed. US equities & bond yields consolidate. USD index ticks up, but AUD outperformance continues.• RBA hikes. Stronger CPI boosted RBA rate rise bets. Hike next week ~70% priced, 2 moves baked in by year-end. AUD up at Feb ’23 levels. Global Trends Markets were calmer overnight compared to the bursts of volatility that have washed through recently. US equities consolidated with the S&P500 up near record highs while US bond yields were range bound with the 10yr rate close to its 1-year average (now ~4.24%). In FX, the USD index...

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28 Jan 2026

Fed holds rates in broadly-supported decision, shifts statement language into neutral

The Federal Reserve left rates unchanged this afternoon, and subtly upgraded its assessment of labour markets and growth, disappointing those expecting a more dovish bias and lending the dollar some much-needed support. In the widely-expected decision, the Federal Open Market Committee voted by a consensus-driven 10-to-2 margin to maintain the target range for the federal funds rate between 3.50 and 3.75 percent. Trump appointee Stephen Miran again dissented from the majority in favour of a bigger move, joined by Christopher Waller, who is seen as a potential candidate for Chair when Jerome Powell’s term ends. In a tweak to the...

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28 Jan 2026

Bank of Canada stays sidelined, preserves optionality for future moves

As markets had overwhelmingly anticipated, the Bank of Canada left its policy settings on hold this morning, and again clearly signalled that rates are already at near-neutral levels, keeping expectations restrained for the year ahead and leaving currency markets broadly unmoved. Policymakers led by Governor Tiff Macklem maintained the policy rate at 2.25 percent for a second consecutive meeting after delivering nine cuts between June 2024 and September 2025. In the official statement setting out the decision, policymakers noted that the current policy rate “remains appropriate, conditional on the economy evolving broadly in line with the outlook we published today....

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28 Jan 2026

Dollar stages half-hearted recovery attempt

Good morning. The almighty greenback is struggling to climb off a four-year low after US president Donald Trump said he didn’t think it had fallen too far, remarking that he could make it “go up or go down like a yo-yo,” but that it’s “doing great”—comments widely read as an endorsement of further weakness. A softer dollar could support US exports and raise import prices*, consistent with Trump’s aim of narrowing trade deficits, but it also risks generating market dislocations and raising borrowing costs if real-money investors redirect capital elsewhere. Treasury yields are holding firm, equity futures are setting up...

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