Gold Advances to a New Record High as Questions Over Fed Independence Grow

Published on January 26, 2026

The Bank of Japan’s recent policy shift is sending shockwaves through global markets. Headlines this week highlight the dollar’s tumble against the yen and renewed chatter of an unwind to the massive yen carry trade, estimated at over $500 billion.

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Chicago Fed National Activity Index: Economic Growth Increased in November

January 26, 2026
The Chicago Fed National Activity Index (CFNAI) rose to -0.04 in November from -0.42 in October. Three of the four broad categories of indicators used to construct the index increased from October, but three categories made negative contributions in November.

Durable Goods Orders Up 5.3% in November, Higher Than Expected

January 26, 2026
New orders for manufactured durable goods rose 5.3% to $323.79 in November, exceeding the projected 3.1% increase.