In a FOMC meeting without much significance, the Fed left the benchmark rate unchanged as expected, remaining at 3.5-3.75%, where futures expect it to remain for at least the next two meetings; pointing to two 25bps cuts in 2026, one between June and July and the next at the end of the year. Equities...

Treasuries ended with a bull steepener, with short-term bonds rising and long-term bonds falling, bringing the 2-year/20-year spread back to 122bps and the 2-year/30-year spread to 126bps. In equities, there was a significant difference between indices, with the Dow falling 0.83% and the Nasdaq rising 0.91%, while in Europe and Asia there were increases of 0.5-1%. In commodities...

Stocks and the dollar fell after President Donald Trump threatened tariffs on several European countries ahead of high-level meetings in Davos amid a growing standoff over his ambitions to seize Greenland. Bitcoin plunged. Gold hit record highs... 

Rates rose in the US (+5bps) amid reports that Trump is reluctant to nominate Kevin Hassett, current head of the White House economic team, as the new Fed Chairman; in Europe, the movement was +2bps, and in Asia...

The Nasdaq fell 1% as AI trading weakened slightly, while the S&P 500 fell 0.5% and the Dow fell 0.1%. Global fixed income had a positive day, with yields falling 4-5bps in both the US and European sovereign markets. In commodities, crude oil closed higher for the fifth consecutive day, rising 10% in this...

The Japanese Nikkei rose 3%, remaining the best performing equity index so far this year despite the continued weakening of the yen. European indices remained largely unchanged, while in the US we saw widespread declines, with the Dow Jones underperforming and falling nearly 1%. In fixed income, rates in...