Riding the Retribution Highway

Tuesday 13th January 2026

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President Trump has been directing sharp words at Jerome Powell and the Federal Reserve, while the Fed Chair has pushed back, suggesting that any legal action against him is politically motivated. It’s the kind of confrontation with the central bank that many had anticipated, yet markets have taken it in their stride so far.

Where markets have reacted more noticeably is the proposal for a 10% cap on credit‑card interest rates — though this may prove to be another policy idea that makes noise without ever becoming reality.

We also look ahead to US CPI, and unpack a couple of Australian data points: consumer confidence, household spending, and what they collectively signal for the RBA. If further confirmation was needed, yesterday’s numbers strengthen the case for another rate rise — potentially as early as next month.

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