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Investment Weekly

Echoes of Liberation Day
23 January 2026
    Articles

    Chart of the week – Echoes of Liberation Day

    Chart of the week – Fiscal dominance and the Fed

    Amid this week’s geopolitical turmoil, we have seen echoes of last April’s “Liberation Day” market action: US stocks declining in lockstep with US Treasuries and the US dollar. This is important. It provides further evidence that traditional portfolio diversifiers may struggle to perform as expected, particularly when US policy decisions – whether it be around trade, the Fed, and foreign relations – are driving investor caution.

    Market Spotlight

    • Upgraded global growth

    Lens on…

    • Land of the rising rates
    • Quick silver
    • China’s flying

    Read the full commentary PDF, 3.37MB 

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