Bo Barrelov
Bo Barrelov
Sweden
7mo
January was a calm month in terms of portfolio activity, with no major changes made. With markets trading near all-time highs and uncertainty still present, staying patient felt like the right approach. In the U.S., the Federal Reserve kept interest rates unchanged at its January meeting, despite pressure from President Trump to cut rates. Ongoing tensions between the White House and Fed Chair Jerome Powell continue to add uncertainty to the broader economic picture. Geopolitically, the tone softened slightly at the World Economic Forum in Davos, where President Trump took a more diplomatic approach on Greenland after earlier criticism. At the same time, U.S. budget talks remain stuck, increasing the risk of another government shutdown as deadlines approach. In Iran, protests continue due to economic pressure and political issues. The U.S. has shown support for protesters while also leaving the door open for talks, keeping tensions in the region elevated. Markets have remained resilient despite these headlines. The S&P 500 and Dow Jones continue to trade close to record levels. Commodities such as gold, silver, and copper, which performed strongly earlier in the year, have recently seen more volatility and some pullbacks. Inflation data released in January showed little change. CPI and Core CPI remained stable, while PCE inflation moved slightly higher. At the end of the month, the Fed once again chose to hold rates steady at 3.5%–3.75%. Looking ahead, February brings new inflation data and the next ECB meeting, which should give clearer signals on how monetary policy may develop going forward. I hope everyone has had a great start to the year, and thank you as always for your continued trust.
Not investment advice. The author may have financial interests in the mentioned instruments.
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