Momentum has been the defining factor in equity leadership over the past couple years, and Bill Nygren’s fourth-quarter commentary captured that dynamic directly.

EUR/USD trades with losses on Tuesday, even though the latest inflation in the United States was benign, hinting that the Federal Reserve could indeed reduce interest rates as priced in by the financial markets.

The USD/JPY pair jumps to near 159.15, the highest since July 2024, during the early Asian session on Wednesday.

From the criminal investigation into Fed Chair Powell, to growing signs of fiscal dominance, to administrative measures that blur the line between fiscal authority and monetary control, these events point to something larger than political theatre.