Mike Dolan

Yeah, the first Fed decision of 2026 and perhaps the least controversial aspect of it will be the decision itself.

There's so much else going on for the Fed.

The drama over potential indictment of Chairman Jay Powell.

who his replacement might be, an announcement that might come this week as well.

And of course, a falling dollar in the background and the lowest consumer confidence in more than 11 years in the United States.

A lot going on.

The Fed won't change rates, but it has a lot to consider.

Hi, Kim.

Yeah, dramatic bounce back on Wall Street last night as Trump backed down on his threat of tariffs against European countries over the Greenland standoff.

This feels an awfully like 2025 when Trump raised the threats and then moved into a negotiating period where markets came back again after initial sell off.

So it does feel a bit like rinse and repeat.

He is spending the rest of today in Davos.

So I think the fact that we haven't recovered all of the losses since last Friday shows you the certain amount of trepidation that this story isn't fully over yet.

Yeah, that's right.

Big sell-off on Wall Street last night.

2% on stocks.

The dollar fell again.

And crucially, U.S.

Treasury yields are rising.

The sell America trade, as some people are calling it, may be back on the agenda.