Market Overview - The stock market experienced a significant decline following President Trump's announcement of a sweeping tariff program but rebounded to near all-time highs by the end of the year due to a reduction in tariff threats [1]. Fed Policy - The Trump administration is pushing for lower interest rates from the Federal Reserve, criticizing Chairman Jerome Powell for not acting aggressively enough [3]. - A criminal investigation into Powell's 2025 congressional testimony regarding a $2.5 billion renovation of the Fed's headquarters has intensified tensions between the administration and the central bank [4]. - The stock markets initially dropped due to the investigation news but later recovered as uncertainty about the investigation's outcome persisted [4]. Military Actions - The Trump administration has ordered military action in Venezuela, aiming to capture Nicolás Maduro and control the country's oil reserves [5][6]. - Plans include urging major U.S. oil companies to invest up to $100 billion to rebuild Venezuela's oil infrastructure, despite the country currently producing less than 1% of global oil supply [6][7]. - Contrary to typical market reactions to military invasions, stock markets rose to new highs, particularly in the oil/energy, defense, and artificial intelligence sectors [7].