Core Viewpoint - President Trump has called for the Federal Reserve Chair Jerome Powell to implement interest rate cuts, highlighting the political pressure on the Fed regarding monetary policy [1] Group 1 - The demand for rate cuts indicates a potential shift in economic strategy from the administration [1] - The article emphasizes that interest rates are not solely determined by the Fed Chair, suggesting a more complex decision-making process within the Federal Reserve [1]

Market Performance - US stocks opened positively in 2026, with the Nasdaq Composite leading gains by over 1%, while the Dow Jones Industrial Average and S&P 500 increased by more than 0.2% and 0.5% respectively [1] - The S&P 500 rose over 16% in 2025, and the Nasdaq Composite saw a more than 20% increase [2] Economic Outlook - The outlook for 2026 is optimistic, with all Wall Street forecasters predicting a stock rally for a fourth consecutive year [3] - However, potential risks include a possible falter in the AI boom, unexpected changes in the US economy, and uncertainties surrounding President Trump's tariff policies [3] Commodity Market - Gold and silver prices advanced at the start of 2026, building on their best annual performances since 1979, while aluminum prices surpassed $3,000 per ton for the first time since 2022 [3] Federal Reserve - The Federal Reserve is expected to maintain its current interest rates, although there are mixed expectations for the March meeting, with divisions within the central bank likely to persist [4] - President Trump is anticipated to appoint a new chair to replace Jerome Powell this month [4]

Core Viewpoint - President Trump has launched a renewed attack on Federal Reserve Chair Jerome Powell, accusing him of incompetence and threatening legal action over the costly renovation of the Fed's headquarters [1][6]. Group 1: Criticism of Jerome Powell - Trump labeled Powell a "fool" during a press conference, emphasizing that Powell's term as chair will expire in May [2]. - The president criticized Powell's management of the Fed's renovation project, claiming it is over budget and poorly executed, contrasting it with his own projects [3][7]. - Trump has previously expressed a desire to fire Powell, alleging mental issues and incompetence, although he lacks the authority to do so without cause [15][16]. Group 2: Renovation Project Details - The renovation project was initially estimated to cost $1.9 billion in 2019, but the cost has risen to nearly $2.5 billion by 2025 due to increased material costs and remediation needs [10]. - Trump claimed the renovation could exceed $4 billion, citing it as the highest construction cost per square foot in history, although the source of this figure is unclear [7][12]. - Powell noted that Trump's cited figure included costs from a previously completed renovation, indicating a misunderstanding of the current project's financials [12]. Group 3: Federal Reserve Independence - World leaders have issued warnings regarding the independence of the Federal Reserve in light of Trump's criticisms and threats [8]. - Powell has stated he intends to complete his term and that any attempt to remove him before its conclusion would not be legally permissible [17].

Group 1 - The longest government shutdown in US history has ended, leading to small losses in Treasuries and diminishing expectations for a Federal Reserve interest-rate cut next month [1] - Treasury yields increased by as much as three basis points, particularly in tenors sensitive to Fed policy, with the five-year tenor leading the selloff [2] - The ICE BofA MOVE Index, which measures expected bond-market volatility, has risen to a one-month high, indicating potential for sharp swings in the Treasury market as official economic data resumes [4] Group 2 - Investors in the nearly $30 trillion Treasury market have been relying on private data due to the absence of official statistics, with recent ADP Research figures indicating a slowing US jobs market [5] - During the shutdown, Treasuries remained stable, with 10-year note yields fluctuating around the 4% level, contributing to the market's best year since 2020 with a 0.4% return [6]