Key Takeaways

Macroeconomic Highlights

Fed held rates steady at 3.5%-3.75% at January meeting, signaling extended pause as inflation remains above target at 2.8% PCE
DOJ investigation into Fed Chair Powell over headquarters renovation testimony marked unprecedented escalation of executive-monetary policy tensions; bipartisan pushback emerged
December payrolls rose only 50K, capping weakest hiring year since 2020 with 584K total jobs added vs. 2M in 2024
Venezuela regime change following Maduro capture dominated geopolitical headlines; oil majors cautious on $100B+ infrastructure rebuild

Market Performance

S&P 500 topped 7,000 for the first time; Russell 2000 +9.5% YTD as pro-cyclical rotation accelerated
Gold surged past $5,500/oz for first time ever; silver breached $100/oz in stunning safe-haven rally
Dollar fell 3%+ in January and 11% over past year amid weakening confidence in U.S. policy stability
"Sell America" trade resurfaced mid-month on Greenland tariff threats before reversing on deal framework

Notable Transactions