The yield on the 30-year U.S. Treasury note rose further, currently up 7 basis points to 4.91%.

US Dollar: 1. International Monetary Fund (IMF): Projects US economic growth of 2.4% in 2026, higher than the 2.1% forecast in October; US economic growth in 2027 is projected at 2.0%, lower than the 2.1% forecast in October. 2. According to the Associated Press: Federal Reserve Chairman Powell will attend a Supreme Court hearing regarding Federal Reserve Governor Cook. Euro: 1. International Monetary Fund (IMF): Projects Eurozone economic growth of 1.3% in 2026, an upward revision of 0.1 percentage point from the October forecast; economic growth in 2027 is projected at 1.4%, unchanged from the October forecast. 2. ECB Governing Council member Radev: The impact of a stronger euro should not be exaggerated; a clear shift in the price outlook could change the ECB's stance. 3. Eurozone finance ministers have selected Vujicic to succeed Guindos as Vice President of the European Central Bank, with his term beginning June 1st. British Pound Sterling: 1. According to Sky News, Norway's sovereign wealth fund has begun a "massive" sell-off of its holdings of UK-listed small and mid-cap stocks in recent weeks. Japanese Yen: 1. Japanese Prime Minister Sanae Takaichi: The House of Representatives will be dissolved and a snap election will be held on January 23; my government will end its overly austere fiscal policy; we will closely monitor speculative fluctuations in the foreign exchange market and are prepared to take necessary actions. 2. International Monetary Fund: Forecasts Japan's economic growth rate at 0.7% in 2026, higher than the 0.6% forecast in October; the 2027 growth rate remains at 0.6%, unchanged from the October forecast. 3. The yield on Japanese 40-year government bonds exceeded 4% for the first time. Japan's proposed suspension of the food consumption tax has exacerbated investor concerns about fiscal discipline and future government borrowing needs. 4. Citigroup: A weaker yen may lead to three interest rate hikes by the Bank of Japan in 2026. Other: 1. Indonesian Finance Minister: The rupiah's decline stems from market speculation about a loss of central bank independence. 2. Central Bank of Indonesia: Will continue to focus on maintaining the stability of the Indonesian rupiah. 3. JPMorgan strategists downgraded their emerging market currency rating from "overweight" to "neutral," citing overbought short-term positions. 4. JPMorgan strategists downgraded their view on the South African rand from "overweight" to "market weight." 5. The International Monetary Fund: Projects global economic growth of 3.3% in 2026, an upward revision of 0.2 percentage points from its October forecast; and 3.2% in 2027, unchanged from its October forecast. 6. According to a Reuters poll, all 26 economists surveyed believe that Central Bank Indonesia will keep its 7-day reverse repo rate unchanged at 4.75% on January 21. All economists expect Central Bank Indonesia to cut the 7-day reverse repo rate by 25 basis points to 4.50% in the first quarter of 2026 (consistent with the December survey results). 7. The People's Bank of China kept the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the eighth consecutive month of no change.

TD COWEN: Lowered its price target for Microsoft (MSFT.O) from $655 to $625.