Overview
- U.S. CPI rose 0.2% month-on-month and 2.6% year-on-year in December, undershooting forecasts of 0.3% and 2.7% and resetting market expectations for easier policy.
- Investors and major brokerages including Goldman Sachs and Morgan Stanley expect two 25-basis-point Federal Reserve cuts in 2026, with the first viewed as likely in June.
- Spot gold traded near $4,615 per ounce after setting a $4,634 record the prior session, and silver surpassed $90 per ounce for the first time on record.
- Bitcoin reached $96,495 in early Singapore trading before easing to about $94,787 in London, while ether climbed roughly 5.1%.
- Analysts pointed to added support from political and legal tensions, including reported DOJ grand-jury activity involving Federal Reserve officials and U.S. statements on protests in Iran.