Overview
- Global equities from Paris to Tokyo notched fresh highs and precious and base metals surged, with silver topping $90 an ounce and gold, copper and tin hitting records.
- U.S. CPI rose 2.7% year over year in December and core inflation slowed to 2.6%, easing price worries and shaping expectations for rate cuts later in 2026 rather than this month.
- The Federal Reserve disclosed a Justice Department subpoena tied to Chair Jerome Powell’s prior testimony, which he condemned as a pretext to pressure rate decisions.
- Former Fed chiefs and Republican senators including Lisa Murkowski and Tom Tillis publicly defended the central bank’s autonomy, signaling resistance to weakening its independence.
- Bank and card‑network shares stayed under pressure after President Trump promoted a 10% cap on credit‑card rates, while energy markets tracked rising Iran tensions and new tariff threats.