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US Stocks Set To Open At Record High On Blowout Tech Earnings Ahead Of Fed, Mag 7

US equity futures are rallying into record territory, led by Tech as overnight earnings (ASML, SK Hynix, STX, TXN) boost the group and help fuel the AI trade, perhaps pausing the broadening theme. As of 8:00am ET S&P futures are up 0.2% pointing to a sixth-straight advance that would mark the longest winning run in almost seven months and will push the S&P 500 cash index above the 7,000 mark for the first time when US markets open; Nasdaq futures surge 0.8, putting the index within touching distance of its October record, with Mag 7s and Semis bid in premarket trading, led by AMD (+2.3%), AVGO (+1.4%), and NVDA (+1.6%). Cyclicals are leading Defensives as Fins/Indu/Mats outperform and Staples lag. Bond yields are flat while the dollar advanced 0.2%, snapping a four-day slide that left the currency at its lowest level in nearly four years. Commodities are mixed: gold +1.7% and silver +0.4% to new record highs, as the Energy complex is under pressure (natgas -8%) with Ags maintaining a bid. Today’s macro focus is on the Fed unchanged announcement (full preview here) with the market looking to see if the Fed identifies growth or inflation as the biggest risk but with no moves expected and three Mag7 earnings releases (full preview here).

In premarket trading, semiconductor, memory and storage stocks rally after positive results from ASML, Seagate and Texas Instruments. ASML ADRs are up 5% after the company reported orders well beyond investor expectations, showing a surge in AI computing workloads has flowed through to higher demand for its chipmaking tools. Seagate (STX) is up 8% after the computer hardware and storage company’s second-quarter results beat expectations and it gave a positive outlook. Analysts note that results were boosted by strong gross and operating margins. Texas Instruments (TXN) gains 7% after the chipmaker gave an outlook that is seen as positive, signaling improved demand. Analysts highlight strength in the industrial and data center end markets. Magnificent Seven stocks are mostly higher (Nvidia +1.9%, Alphabet +0.4%, Amazon +0.3%, Meta -0.2%, Tesla +0.2%, Microsoft +0.2%, Apple -0.1%

• AT&T Inc. (T) rises 3% after reporting fourth-quarter profit and revenue that beat analysts’ estimates, buoyed by what it described as the best broadband subscriber growth in a decade.
• Brinker (EAT) rises 5% after the parent of Chili’s and Maggiano’s restaurants reported second-quarter results that topped Street expectations. The beat was led by its Chili’s chain and the company also boosted its annual forecasts.
• C3.ai (AI) gains 15% after The Information reported that the AI company is in talks to merge with Automation Anywhere.
• Corning (GLW) falls 3% after the communications equipment company reported its fourth-quarter results and gave an outlook.
• Elevance Health (ELV) drops 6% after the health insurer gave an adjusted profit forecast for 2026 that fell short of Wall Street’s expectations.
• F5 Inc. (FFIV) jumps 8% after the cybersecurity company boosted its revenue forecast for the fiscal year.
• New Oriental Education ADRs (EDU) rises 6% after the Chinese education company’s second-quarter results beat Street estimates, and management boosted its annual net revenue forecast.
• Qorvo (QRVO) falls 10% after the semiconductor device company gave an outlook that was much weaker than expected.
• StandardAero (SARO) falls 5% as leading holders Carlyle and GIC offer 50 million shares in the aviation maintenance company.

In company news, Amazon is cutting about 16,000 roles across the company as part of ongoing organizational restructuring efforts, according to a statement.

Tech stocks are rallying around the world after blockbuster earnings from ASML and SK Hynix added fresh fuel to the artificial-intelligence trade while Microsoft, Meta and Tesla are due to report later (our preview here).  Nasdaq 100 futures climbed 0.8%, putting the index within touching distance of its October record.

ASML rose more than 5% in Amsterdam on fourth-quarter bookings that far exceeded estimates. Asian equities got a boost as SoftBank Group Corp. flagged talks to invest $30 billion in OpenAI. Relentless demand for AI memory fueled a large earnings beat for SK Hynix. LVMH’s sluggish sales weighed on luxury names in Europe.

“The tech sector is likely to lift markets further, so the rally isn’t over yet,” said Claudia Panseri, chief investment officer for France at UBS Wealth Management. “The Fed this evening will be an important clarification for investors, who are at the moment expecting two cuts this year.”

Today’s tech gains might put a pause on the rotation away from the sector. Amid the S&P’s advance to a record, a version of the index stripped of market-cap bias has outperformed, with materials, health care and consumer sectors supplanting tech at the forefront.

The upbeat mood in equity markets comes ahead of the Federal Reserve’s latest policy decision, with investors expecting interest rates to remain on hold. With announcement of a nominee to succeed Fed Chair Jerome Powell in May pending and Governor Christopher Waller among the contenders, a focal point of the rate decision will be whether he dissents in favor of a rate cut US President is seeking; dissents by Governors Stephen Miran and Michelle Bowman are also expected (full preview here). 

With BlackRock executive Rick Rieder seen as the front-runner to become the next Fed chair, bond futures traders are increasing bets that he would favor a more accommodative US monetary policy. Rieder, the firm’s chief investment officer for global fixed income, argued in September for a larger half-point rate cut, rather than the quarter-point moves preferred by the Fed.

“The appointment of Rieder should be a market positive given his background,” wrote Mohit Kumar, chief strategist for Europe at Jefferies. “He is likely to be modestly more dovish than some of the other choices, though it is unlikely that he would rubber stamp Trump’s views.”

The dollar is rebounding against all major currencies following Tuesday’s sharp selloff, which extended as President Trump indicated he’s comfortable with the greenback’s recent decline.Donald Trump’s relaxed stance on the dollar is adding to speculation that the US currency may be entering a more prolonged period of weakness. Speaking to reporters in Iowa on Tuesday, Trump said the dollar’s slide was beneficial for US businesses, moving currency markets by appearing to endorse the greenback’s sharp decline.

“I don’t think it’s going to be that same kind of blanket dollar weakness that we saw last year, but I think there are certainly some pairs where that move does look quite appealing,” Lauren van Biljon, senior portfolio manager at Allspring Global Investments, told Bloomberg TV.

Also due Wednesday are earnings from three of the Magnificent Seven heavyweights, Microsoft Corp., Tesla Inc. and Meta Platforms report after the close (our preview can be found here). Other companies reporting include Starbucks, Danaher, General Dynamics, GE Vernova and AT&T all out before the market open. IBM completes the notable companies to report after the close.

“So far, we’ve been pleasantly surprised by the earnings season in tech, with TSMC and ASML today,” said Karen Kharmandarian, chief investment officer of thematic equities at Mirova in Paris. “We’re still expecting capex to continue to grow substantially among the hyperscalers such as Google, Meta or Amazon, given the momentum in the AI space.”

In Europe, the Stoxx 600 is down by 0.5% as blowout results from Dutch semiconductor equipment maker ASML are more than offset by declines for health care companies and for the luxury goods sector, the latter on disappointing numbers from LVMH. Here are the biggest movers Wednesday:

• ASML rises as much as 7.5% to a record high in Amsterdam after reporting orders well beyond investor expectations, showing a surge in AI computing workloads has flowed through to higher demand for its chipmaking tools
• Nordnet gains as much as 6.1%, the most since April, after the Swedish retail trading platform and bank reported its latest earnings, which analysts described as a strong finish to 2025. Net commission income was a key driver of revenue
• Volvo shares rise as much as 3.2% after the Swedish firm said truck demand was improving in some markets and reported what analysts called a strong margin beat
• PSP Swiss Property shares gain as much as 3%, hitting their highest level in almost six years, after being upgraded by analysts at UBS, who argue the underperformance versus peers leaves it positioned as a “quality laggard”
• Paypoint shares gain as much as 14% after the payments company reported third-quarter results, with analysts at Panmure Liberum noting it remains on track to meet annual expectations despite a challenging environment
• Boohoo shares climb as much as 12% to a six-week high. The online fashion retailer said it expects FY26 adjusted EBITDA to be above previous guidance, citing improved momentum in its youth brands, including PLT, which it also decided not to sell
• Howden Joinery climbs as much as 2.3% after Deutsche Bank reiterated its buy rating on the kitchen seller, pointing to both near-term resilience and a substantial long-term growth trajectory
• LVMH shares fall 8.2%, the most since April, after the luxury group reported a wider-than-expected drop in fashion and leather goods organic sales for the fourth quarter. Analysts noted management’s limited forward guidance and comments on the uncertain short-term outlook
• Tele2 falls as much as 6.7%, the most since October, after the Swedish telecommunications firm reported its latest earnings. Analysts say the print shows strength, but EBITDAaL is on the weaker side and is likely to trigger some cuts to 2026 consensus estimates
• JSW shares fall as much as 5.9% in early trading in Warsaw after labor unions hardened their negotiating position, causing the suspension of talks over a rescue plan for the troubled coking coal producer
• Marston’s shares drop as much as 16%, the most since September 2020, to wipe out most of this month’s sharp gain after the pub operator reported muted sales

Earlier in the session, Asian equities are set for another record high, supported by a continued rally in technology shares. The MSCI Asia Pacific Index gained as much as 1.2%, with TSMC, SK Hynix and Tencent the biggest boosts to the gauge. Hong Kong led gains in the region amid inflows spurred by dollar weakness. Shares also rose in South Korea, helping the country’s market cap to overtake that of Germany. Meanwhile, Indonesian stocks tumbled after MSCI raised concerns about their investability and warned of a potential downgrade to frontier-market status.

“The shortage in supply in memory chips will continue to be a key catalyst for Asian memory makers,” said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong. “We probably won’t see equilibrium on supply versus demand till early next year.”

In FX, the greenback is rebounding after hitting 2022 lows. The Bloomberg Dollar Spot Index up by 0.3%, though mixed against G-10 peers.

In rates, treasuries were little changed ahead of the Fed rate decision with marginal long-end underperformance extending Tuesday’s late steepening move as the US dollar weakened further. US session features Federal Reserve rate decision, with swaps market priced for no change in the 3.5%-3.75% target range for federal funds. US front-end to belly yields are slightly richer on the day with longer maturities little changed, steepening 5s30s curve by about 1bp to 104bp, highest this week; 10-year, little changed near 4.24%, slightly lags bunds and gilts in the sector. Short-end bonds in Europe rallying as traders add to ECB rate cut bets.

In commodities, the blistering rally in precious metals continued as gold briefly topped $5,300 an ounce. Silver rose as much as 3.6% before pairing the advance.  Oil prices are choppy, Brent now falling and hovering a little above $67/barrel.

Today's US economic calendar is blank; FOMC announcement is at 2pm New York time, followed by Chair Powell’s press conference at 2:30pm. Mag 7 earnings begin today with Microsoft, Meta and Tesla reporting after the close. 

Market Snapshot

• S&P 500 mini +0.3%
• Nasdaq 100 mini +0.8%
• Russell 2000 mini +0.5%
• Stoxx Europe 600 -0.4%
• DAX -0.2%
• CAC 40 -1%
• 10-year Treasury yield little changed at 4.25%
• VIX -0.1 points at 16.25
• Bloomberg Dollar Index +0.3% at 1178.01
• euro -0.6% at $1.1973
• WTI crude -0.2% at $62.24/barrel

Top Overnight News

• President Trump has said for months that he’s made up his mind about who should lead the Federal Reserve. But with each passing week without an announcement, some people close to the process aren’t sure any of his four finalists fully meet his requirements, a new chair who will pursue his demands for lower interest rates while still commanding enough credibility on Wall Street and from his colleagues to deliver them. WSJ
• Bond traders are betting on a dovish Fed shift as BlackRock’s Rick Rieder gains momentum to succeed Powell. His advocacy for more aggressive cuts have sparked increased trading activity in futures and options markets. BBG
• China has given the green light to three of its largest tech companies (ByteDance, Alibaba, Tencent) to buy Nvidia's H200 artificial intelligence chips, four people familiar with the matter told Reuters, marking a shift in position as Beijing seeks to balance its AI needs against spurring domestic development. RTRS
• Some Bank of Japan board members expressed rising concern over the extent to which the yen’s depreciation is affecting price trends when they discussed policy in December before deciding at that meeting to raise the benchmark interest rate to the highest since 1995. BBG
• President Donald Trump said on Tuesday the United States and South Korea would work out a solution, in response to a query about his surprise threat a day earlier to step up tariffs to 25% on imports from the Asian ally. RTRS
• Saudi Arabia on Tuesday ruled out the use of its airspace and territory for a potential U.S. attack on Iran, complicating the Trump administration’s options in response to Tehran’s violent crackdown against Iranian protesters. WSJ
• Australia’s consumer price growth remained elevated in the final quarter of 2025, strongly signaling that the central bank will raise interest rates next week, or run the risk that inflation will get too hot. WSJ
• ECB’s Kocher says the central bank may need to cut rates if the strong euro started impacting inflation forecasts. FT
• Nasdaq futures got a boost as ASML’s orders smashed estimates on investments in AI infrastructure (ASML +6% premkt after reporting very strong 4Q25 orders for third quarter in a row with guide for 2026 above cons). The dollar steadied even after Donald Trump’s comments embracing a weaker greenback. Gold hit a new record. BBG
• Amazon is cutting about 16,000 roles to simplify its structure amid rising competition over AI. ASML also announced reductions amounting to about 4% of its staff. BBG

Trade/Tariffs

• China has resumed the purchase of Canadian canola, Bloomberg reported citing sources; crushers in China have booked cargoes for loading in the next few months.
• South Korea's Presidential Adviser said they cannot rule out the possibility of the US mentioning a tariff hike again because of future disagreement over investment.
• EU and Vietnam in a joint statement are set to agree on a deeper connection on critical minerals and semiconductors.
• US President Trump said we will find a solution together with South Korea when asked about his announcement of raising tariffs against Korea.
• US President Trump said we're making a lot of good deals, Fox News interview.
• USTR's Greer said Chinese EVs won't enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.

Central Banks

• US President Trump affirms that he will announce Fed chair pick soon.
• Minutes from BoJ's December 18th-19th meeting noted that members said it is appropriate to keep raising rates if the outlook is met, while a member said waiting another meeting in raising rates would be risky given impacts of FX on inflation. Most members said BoJ should not have a preset idea on rate hike pace and must scrutinise the economy, prices and markets in making decisions at each meeting. A few members said adjusting degree of monetary support will help stabilise markets and have merits to the economy. A member warned that divergence of real rates from equilibrium may impair long-term economic growth.
• ECB's Villeroy said the ECB are closely monitoring the euro and its effect on inflation, adds there is no target for the euro exchange rate.
• ECB's Cipollone said uncertainty may increase, hitting a recovery, and warned that global turbulence could hit the euro area, according to Bloomberg.
• ECB's Kocher said the central bank would need to act if the euro keeps gaining, according to FT.
• ANZ now sees the RBA raising rates by 25bps at its meeting next week, while it views this as a single insurance tightening and not the start of a series of hikes.
• New Zealand Finance Minister Willis said the RBNZ said we'll be easing off the accelerator at some point and will be guided by data.
• Thailand Central Bank Governor Vitai said the economy may grow 1.5%-1.7% in 2026, adds need to tackle structural issues, and that Thailand is facing US tariffs and structural problems.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events. ASX 200 was subdued with the index dragged lower by weakness in tech and consumer stocks, while the predominantly firmer-than-expected inflation data from Australia supports the case for a hike at next week's RBA meeting. Nikkei 225 underperformed from the open, following the recent currency strength spurred by intervention speculation and US President Trump's FX-related rhetoric. Hang Seng and Shanghai Comp were in the green with energy and telecom stocks among the index leaders in Hong Kong, while the mainland was kept afloat after developer China Vanke won creditor approval to extend another two CNY bonds and with a report noting that China approved the first batch of NVIDIA's H200 AI chips for import involving several hundred thousand H200 AI chips.

Top Asian News

• China is reportedly expected to move to more targeted measures across different sectors to reduce excessive competition and result in quality developments, Securities Times reported citing sources.

European bourses (STOXX 600 -0.4%) are generally trading with modest losses, aside from the AEX, which has been boosted by post-earnings strength in heavyweight ASML (+4.8%). The company beat across its headline metrics, provided a rosy outlook, and announced a EUR 12bln share buyback. European sectors hold a negative bias. Tech leads (boosted by ASML), whilst Consumer Products has been pressured by losses in LVMH (-7.1%) after its results disappointed.

Top European News

• UK PM Starmer delays decision on Chinese-built wind farm factory after security fears, according to The Times.
• Leaders of Dutch political parties reach an agreement on forming minority government.
• Maersk (MAERSKB DC) announces a stoppage in operations in the West Mediterranean terminals, adding that there's no clear sign on when operations are to resume.

FX

• DXY is attempting to claw back some of yesterday’s lost ground, after the index dropped from a high of 97.286 to a low of 95.551 amid the ongoing de-dollarisation theme. The data docket is quiet, so focus will be on the FOMC, which is expected to hold rates at 3.50–3.75%. Markets are focused less on the decision itself and more on any hints around how long the Fed remains patient before cutting, with around 45bps of easing priced by year-end.
• USD/JPY is consolidating after its recent slide below the 100 DMA (153.65) yesterday, which saw the pair trade within a 152.09–154.87 range. The pair currently trades around the mid-point of the 152.14–153.06 band at the time of writing.
• EUR/USD reached a high of 1.2082 on Tuesday (vs. a low of 1.1851), levels last seen around mid-2021, supported by broader USD weakness. The pair’s strength comes ahead of next week’s ECB meeting, where commentary will be watched for signs of concern that the ECB may miss its inflation target to the downside. The pair currently trades below 1.2000 within a 1.1970–1.2045 intraday range.
• Antipodeans are among the better performers. AUD/USD briefly rose following Australian CPI data, where the monthly December reading printed firmer than expected, while the headline quarterly figures matched estimates. However, the RBA-preferred trimmed mean inflation measure exceeded forecasts and remained above the RBA’s 2–3% inflation target. The data prompted banks such as ANZ, Westpac, CBA, and NAB to back a February rate hike from the RBA, with markets pricing a 70%+ probability of this outcome.
• South Korea's Presidential Adviser said that US Treasury Secretary Bessent's earlier comment on KRW reflects views that Korea's investment might become difficult if it raises anxiety in the FX market. Hopes that Korea's US investment bill will be passed in February and will communicate with the US to prevent tariffs from being raised. Alaska LNG project has not been discussed between both countries and will be reviewed under principle of commercial feasibility after investment fund is launched.

Fixed Income

• JGBs were bid overnight. Initial gains were exacerbated by a strong 40yr auction, which helped lift the benchmark to a 131.77 peak, with gains of just under 50 ticks at best. Aside from this, focus was on comments from Trump suggesting that Japan and China are always looking to devalue their currencies—remarks which may have weighed on Japanese yields from the start of trade.
• USTs trod water overnight in the typical pre-FOMC holding pattern. Since then, a bout of pressure has emerged, with USTs sliding to a 111-21 base, down just over 4 ticks at worst. For the Fed, the full Newsquawk preview is available: rates are expected to remain unchanged in the 3.50–3.75% range, with focus on the number of dissents, any changes to statement language around the labour market, and/or additional adjustments.
• Bunds have been grinding higher through the morning, reaching a 128.12 peak as, despite strong ASML earnings, European sentiment remains on the back foot. There has been no move from ECB speakers thus far, who have stuck to the script. A robust 2036 Bund auction (b/c 1.65x vs prev. 1.29x) had little impact on the benchmark.
• Gilts opened around 10 ticks higher, reaching a 91.11 peak, before fading back to the figure, where they currently reside. As such, the benchmark is broadly flat on the day, with UK-specific drivers light and the bias likely to remain contained into the Fed.
• Japan sold JPY 400bln in 40-year JGBs; b/c 2.76x (prev. 2.59x), highest accepted yield 3.720% (prev. 3.555%). Price at the highest accepted yield 87.27 (prev. 90.40).
• Germany sells EUR 4.604bln vs exp. EUR 6bln 2.90% 2036 Bund: b/c 1.65x (prev. 1.29x), average yield 2.85% (prev. 2.83%), retention 23.3% (prev. 24.3%)

Commodities

• Crude benchmarks initially gained at the start of the Asia-Pac session, following on from Tuesday’s bid, before paring back those gains. As of writing, WTI and Brent are trading near session lows of USD 62.08/bbl and USD 66.14/bbl, respectively, after peaking earlier in the session at USD 63.00/bbl and USD 67.13/bbl. News flow has been light so far, as markets continue to absorb the effects of the Arctic storm.
• With gas output slowly returning as the worst of the Arctic storm passes, natural gas futures continue to pare back gains made in recent sessions. Henry Hub futures have fallen back below USD 4.00/MMBtu, currently trading around USD 3.63/MMBtu, while Dutch TTF remains below EUR 38/MWh.
• Precious metals continue to trade at record levels, with spot gold extending to another ATH at USD 5,311/oz, supported by the weaker dollar in Tuesday’s session following Trump’s comments indicating comfort with the recent decline in the greenback. Spot silver remains near record highs at USD 113.80/oz, as the London liquidity squeeze persists.
• 3M LME copper gained throughout the APAC session, aided by a weaker dollar and outperformance in Chinese equities. The red metal reclaimed the USD 13,000/t handle, peaking at USD 13.25k/t, before oscillating within a roughly USD 100/t range as the European session gets underway.
• Vitol Asia forecasts H1 2026 crude build of 700k BPD.
• China's Shanghai Futures Exchange to adjust price limits and margin requirement for some gold and silver futures contracts from the 30th January closing settlement.
• Standard Chartered forecasts copper prices in H1'26 at USD 12.96k compared with USD 11.47k in H2'26; USD softness and sharp moves in gold and silver has supported copper.
• Kazakhstan's Energy Minister said oil output decline will ensure the country remains within OPEC+ quotas, adds Kazakhstan's energy minister said, oil production in Kazakhstan declined around 900,000 tons after halts at Tengiz and Korolev.
• ExxonMobil (XOM) executive said LNG demand will remain strong for the next 10 years and LNG demand forecast to double between now and 2050.
• Thailand Central Bank Governor said cap in gold trading will take effect in March.
• US Weekly Private Inventory Data (bbls): Crude -0.2mln (exp. +1.8mln), Distillate +2.0mln (exp. -0.6mln), Gasoline-0.4mln (exp. +1.0mln), Cushing -0.0mln.

Geopolitics: Ukraine

• Russia's Kremlin Spokesperson Peskov said work on Ukraine peace talks is underway, however they are very complicated negotiations.
• "Russia and India to conduct naval exercises in the Indian Ocean in February", Al Arabiya reported citing Tass.
• USTR's Greer said Chinese EVs won't enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.

Geopolitics: Middle East

• Iran's Foreign Minister said he hasn't been in contact with US Envoy Witkoff recently, adding that there hasn't been any negotiation requests.
• Military source in the Houthi ranks in Yemen told the Lebanese newspaper that the Houthis will not allow any ship or American aircraft carrier to approach the Red Sea or the Arabian Sea due to the threat to Yemen, via X.
• The Rafah crossing will open next Sunday in both directions, according to the Israeli Walla website.

Geopolitics: Other

• EU's Defence Commissioner said Europe must quickly build their defence independently.
• "Russia and India to conduct naval exercises in the Indian Ocean in February", Al Arabiya reported citing Tass.
• South Korea and Japan will conduct defence ministerial talks in Yokusuka this week, according to Yonhap.
• North Korea said it had tested a large calibre multiple rocket launch system, according to KCNA.

US Event Calendar

• 7:00 am: Jan 23 MBA Mortgage Applications, prior 14.1%
• 2:00 pm: Jan 28 FOMC Rate Decision (Upper Bound), est. 3.75%, prior 3.75%
• 2:00 pm: Jan 28 FOMC Rate Decision (Lower Bound), est. 3.5%, prior 3.5%

DB's Jim Reid concludes the overnight wrap

Risk assets put in another decent performance yesterday, with solid earnings pushing the S&P 500 (+0.41%) to another record, and futures on the index (+0.29%) are pointing to more gains this morning. But even as US equities reached new heights, the dollar index (-0.85%) fell to its weakest in nearly four years, having now posted its biggest 4-day decline since the Liberation Day turmoil last April. So it was a pretty mixed day for US assets. Meanwhile, geopolitical risk continued to dominate the headlines, with Brent crude oil reaching its highest since September after Trump said the US had a “big armada” heading to the Middle East, which together with the dollar slump pushed gold prices (+3.42%) to another record close of $5,180/oz. And there’ll be no let-up in the headlines today, as we’ve got the Fed’s latest decision tonight, along with earnings from three of the Mag 7 after the US close.

Ahead of the Fed’s decision, the main story was that ongoing dollar weakness, which saw the Dollar index (-0.85%) close at its lowest level since February 2022. Several factors contributed, but importantly, Trump himself was asked about his thoughts on the decline, and said “No, I think it’s great”, suggesting he wanted the currency to “just seek its own level, which is the fair thing to do”. That followed weak US data earlier in the session, as the Conference Board’s latest consumer confidence print hit its lowest since 2014, at 84.5 (vs. 91.0 expected). And on top of that, fears around a government shutdown this week continued to swirl, with Polymarket giving it a 76% chance of happening this Saturday. So all those factors contributed to pre-existing concerns pushing the dollar lower, including questions around the Fed’s independence, tariff policy uncertainty and the fiscal trajectory.

Of course, with the dollar moving lower, that meant several other currencies reached multi-year highs against it, with the Euro closing above $1.20 yesterday for the first time since June 2021. But that’s also raised questions about whether the ECB would need to think about another interest rate cut given the downward pressure that would cause on inflation. Indeed, Austrian central bank governor Kocher said in an FT interview out this morning that continued euro appreciation could mean the ECB has to react. So the euro’s slipped back a bit this morning after those comments, and is currently trading at $1.1987.

As all that was happening, investor concern continued to mount about geopolitical risk, with ongoing speculation about a potential US strike on Iran. That followed comments from Trump, in an interview recorded on Monday, saying that the US had a “big armada” heading to the Middle East, although he said “I’d rather not see anything happen”. So that helped push up oil prices, with Brent crude (+3.02%) reaching its highest level since September, at $67.57/bbl, whilst WTI (+2.90%) reached its highest since October, at $62.39/bbl. And there was plenty happening elsewhere for commodities, as precious metals saw another round of records yesterday thanks to heightened geopolitical risk and a broader move away from the US Dollar. So gold prices (+3.42%) posted their best day since April to a new record of $5,180/oz, whilst silver (+8.00%) also hit a record of $112.08/oz. Moreover, those gains have continued overnight, with gold up another +1.55% to $5,261/oz, whilst silver has risen +3.19% to $115.66/oz.

Looking forward, the main highlight on today’s calendar is the Federal Reserve’s policy decision, where it’s widely expected they’ll keep rates on hold after 3 consecutive rate cuts. So with the decision unlikely to surprise, the focus will be on the press conference, where several non-economic issues are likely to come up, including the recent DoJ subpoena, the Lisa Cook case at the Supreme Court, the next Chair, and whether Powell will remain as a Governor after his term as chair concludes in May. Our US economists have more in their preview (link here), but they expect Powell to reiterate the points made in his statement on the subpoena earlier this month, and not comment on the next Chair. Then in terms of policy, they expect the Fed to present a more upbeat view about the economy, and think the statement will signal that they’re well-positioned to respond to risks on either side of their dual mandate.

As we head into the Fed’s decision, that pressure on the dollar also spread to long-end Treasuries yesterday, with 10yr yields (+3.2bps) moving a couple of basis points higher after Trump’s comments to end the day at 4.24%, while 30yr yields rose +5.7bps on the day to 4.86%. By contrast, 2yr yields (-1.7bps) rallied after the weaker consumer confidence data, as investors moved to price in more Fed rate cuts this year. So by the close, 47bps of cuts were priced in by the December meeting, up +1.0bps on the day.

Despite that backdrop of dollar weakness and heightened geopolitical tensions, it was actually a very strong day for US equities, with the S&P 500 (+0.41%) posting a 5th consecutive advance that took the index to a new record. Tech stocks led the way, with the Magnificent 7 (+0.89%) closing just over 1% beneath its own record from late-October, ahead of earnings from Meta, Microsoft and Tesla after tonight’s close. Nevertheless, the gains were fairly narrow, with more than half of the S&P 500 constituents lower on the day.

Meanwhile in Europe, equities also put in a strong performance, with the STOXX 600 (+0.58%) closing just 0.2% beneath its own record high from a couple of weeks ago, whilst Spain’s IBEX 35 (+0.70%) hit a new record of its own. However, European bonds only saw modest moves, with yields on 10yr bunds (+0.8bps), OATs (+0.1bps) and BTPs (+0.3bps) all posting small increases. Gilts were the main exception to that, with the 10yr yield (+2.8bps) rising to 4.52%.

Overnight in Asia, there’s been a fairly mixed performance. Some indices have put in a very strong performance, with the KOSPI (+1.64%) currently on track for another record high, whilst the Hang Seng (+2.31%) is currently on course for its highest closing level since 2021. Moreover, the CSI 300 (+0.35%) and the Shanghai Comp (+0.36%) are also higher. However, Japan’s Nikkei (-0.46%) and the TOPIX (-0.85%) have lost ground, which comes as the yen continued to strengthen yesterday, closing at 152.21 per US dollar, its strongest since late October. But JGBs have put in a decent performance overnight  after a 40yr auction saw strong demand. So the 10yr JGB yield is down -4.7bps this morning to 2.23%.

Looking at the day ahead, and the main highlight will be the Federal Reserve’s policy decision, along with Chair Powell’s press conference. Otherwise, the Bank of Canada will announce their latest decision, and we’ll hear from the ECB’s Elderson and Schnabel. Finally, today’s earnings releases include Meta, Microsoft, Tesla, IBM, AT&T and Starbucks.

Tyler Durden Wed, 01/28/2026 - 08:44

Deutsche Bank Shares Tumble After Offices Raided In Money-Laundering Probe

Deutsche Bank shares are down over 3% in early trading following reports that German police raided their offices in Frankfurt and in Berlin on Wednesday morning, as part of an investigation into money laundering.

“We confirm that the Frankfurt public prosecutor’s office is on site in our offices,” a Deutsche Bank spokesperson said in an emailed statement.

“The bank is cooperating fully with the public prosecutor’s office. We cannot comment further.”

As Bloomberg reports, the raid is a setback for Deutsche Bank Chief Executive Officer Christian Sewing who is widely credited with turning around the lender and drawing a line under a long period of scandals and losses after taking over almost eight years ago.

The bank has repeatedly been raided in the past.

• In 2022, German law enforcement searched Deutsche Bank’s Frankfurt offices as part of an earlier money laundering probe.

• In May that year, the German bank and its DWS subsidiary were investigated regarding allegations of greenwashing at the latter.

• In 2018, Deutsche Bank was inspected by 170 law enforcement officials as part of a tax evasion probe into two employees.

• The investigation — which stemmed from the 2016 so-called “Panama papers” leak — was later dropped, with the lender fined over compliance shortcomings.

Deutsche Bank “has maintained business relationships in the past with foreign companies which, in turn, are suspected of having been used for money laundering purposes as part of further investigations,” the prosecutor’s office said in the statement.

It’s conducting a raid at Deutsche Bank premises in Frankfurt and Berlin to investigate the matter, it said.

The investigation comes a day before the German lender is due to publish its fourth quarter and year-end earnings report.

Tyler Durden Wed, 01/28/2026 - 08:25

ASML Shares Reverse Earlier Gains After Bookings Bonanza, Job Cuts

Update (0939ET): Aaaaaand, shares in ASML are now red to the tune of -1% despite the good news.

*  *  * 

Shares in ASML, Europe's most valuable company which builds the 'printing presses' for modern microchips, exploded higher in Wednesday trade after Q4 orders blew past analyst estimates. The Dutch semiconductor company also announced job cuts to boost efficiency, and a share buyback of up to €12B by the end of 2028. 

Fueled by demand for AI chips, bookings in the fourth quarter hit a record €13.2 billion ($15.8 billion), the Veldhoven, Netherlands-based company said in a Wednesday announcement reported by Bloomberg. Analysts estimated an average of €6.85 billion, according to the report. Sales were €9.72bln (exp. €6.95bln). 

"In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand. This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake," the company said. 

The company will cut around 1,700 jobs (around 4% of its workforce) - mostly in the Netherlands and some in the US, with the goal of streamlining the organization.  

"The last three months have brought a lot of clarity" about what AI means for the semiconductor industry, CEO Christophe Fouquet told Bloomberg TV. "Our customers start to believe that this AI demand is sustainable, and therefore they are moving to building capacity, and they are moving very aggressively."

Shares in the company were up 6% to €1,291.20 in Amsterdam, pushing the stock beyond to YTD gains of 40%. Japanese suppliers also felt the love, with Lasertec Corp., Tokyo Electron Ltd. and Screen Holdings Co., benefiting from the success. 

Overbought? 

According to Bloomberg: 

A key challenge for the sector is the stocks are already stretched from a technical perspective, limiting near-term upside. The 14-day Relative Strength Index for ASML, VAT, ASM International and BE Semiconductor were all above 70 at Tuesday’s close. And the stocks are all up by nearly 30% or more year-to-date.

At one point there will be debate about how much of the AI optimism is already reflected in price. Using ASML as an example, based on the most optimistic analyst earnings forecast for 2027, the stock is still trading at 27-times forward two-year earnings, above the 10-year average of 25 times. 

Morningstar analyst Javier Correonero is advising investors to wait for a better entry point on the stock, as a lot of bullishness for this period and next year have already been priced in - making 'upside market movements more challenging.'

ASML makes lithography machines - tools used to etch microscopic circuit patterns onto silicon wafers during chip manufacturing. Without them, companies like TSMC, Intel, and Samsung couldn't make the most advanced chips used in AI accelerators, smartphones, GPUs, and defense systems. 

Their crown jewel is Extreme Ultraviolet (EUV) lithography, which uses a 13.5nm wavelength light that allows them to print features only a few atoms wide, and enables the most advanced process nodes (7nm, 5nm, 3nm and beyond). 

EUV machines require plasma-generated EUV light (created by blasting molten tin with lasers), mirrors polished to near-perfect atomic smoothness, vacuum systems (EUV is absorbed by air), and nanometer-precision alignment across thousands of components. 

Each machine costs $150 - $200 million and weighs 180 tons. 

As companies began pouring hundreds of billions of dollars into data centers, chipmakers have been driven to increase capacity - stoking demand for ASML's products. 

Over half of last quarter's bookings were for EUV machines, totaling €7.4 billion, according to the company. 

In 2025, net sales were €32.7 billion, while revenue is seen at between €34 billion and €39 billion, blowing past previous guidance.

"ASML has knocked it out of the park when it comes to order numbers," Ben Barringer, head of technology research at Quilter Cheviot, told Bloomberg. "Given the strength of the order book, we fully expect it to raise guidance throughout the year."

China was ASML's largest market in the fourth quarter - accounting for 36% of net system sales. That said, the Chinese market is expected to drop to around 20% of revs going forward, CFO Roger Dassen said in a call with reporters. 

That said, China is restricted from buying the company's most advanced EUV machines, so ASML is selling them older-generation DUV (deep ultraviolet) systems that are roughly 8 generations behind the cutting edge, and are suitable for mature-node chips, not bleeding-edge AI chips (think cars, appliances, industrial equipment, etc.). 

Tyler Durden Wed, 01/28/2026 - 08:15

Trump Says Noem Won't Step Down Over Minnesota Shooting, Doing 'Very Good Job'

Authored by Jack Phillips via The Epoch Times (emphasis ours),

President Donald Trump on Tuesday rebuffed calls for Homeland Security Secretary Kristi Noem to step down from her position in the midst of criticism of immigration officials in the wake of a protester-involved shooting in Minneapolis over the past weekend.

President Donald Trump departs for Florida from the White House on Jan. 16, 2026. Madalina Kilroy/The Epoch Times

Some Democratic lawmakers called for Noem’s ouster after an agent shot and killed a protester, Alex Pretti, during an altercation in Minneapolis on Saturday. Noem had described Pretti as someone engaging in domestic terrorism, although a top Justice Department official said that administration officials don’t believe Pretti’s actions reach the legal standard for terrorism.

Trump was asked about Noem’s job status while he was speaking with reporters outside the White House on Tuesday. He told reporters he believes Noem is doing a “very good job” and a “great job” as the head of the sprawling federal department, and he cited her work in shutting down the United States–Mexico border.

“Is Kristi Noem going to step down?” a reporter asked him. Trump directly responded by saying no.

Speaking about the border, Trump said that people “forget” that the prior administration had allowed “millions of people” to come through. Border authorities now allow “no one” to come through, and people are only coming into the United States legally, he said.

The Biden administration and the Democratic Party willfully “had allowed tens of millions of people” to enter the United States, with many being murderers, drug dealers, addicts, and people who were removed from mental institutions, Trump said.

On Monday, Trump said that private conversations with both Minnesota Gov. Tim Walz and Minneapolis Mayor Jacob Frey were productive, while the two Democratic leaders offered similarly positive comments.

Walz’s office said Trump had agreed to direct the Department of Homeland Security (DHS) to ensure state authorities could conduct their own investigation into the Pretti shooting, while Frey said in a post on X that his understanding was that some federal agents would begin leaving the city on Tuesday.

Senate Minority Leader Chuck Schumer (D-N.Y.) said his party would vote against funding legislation that includes money for DHS, which oversees Immigration and Customs Enforcement (ICE), the federal immigration agency. Congress faces a Jan. 30 deadline to fund the government or risk a partial government shutdown.

Schumer, in a Sunday statement, said Republicans should “join Democrats in overhauling” both ICE and U.S. Customs and Border Protection.

“Senate Democrats will not allow the current DHS funding bill to move forward,” he also said.

Democratic lawmakers in the House have called for Noem’s removal after the Pretti shooting, with several issuing a joint statement on Monday calling for immigration agents in Minneapolis to be stood down.

“This tragic killing comes on the heels of the fatal shooting of Renee Good earlier this month, and multiple other documented incidents of civil-rights abuses and excessive enforcement by ICE and CBP in Minnesota—demonstrating a pattern of misconduct that has fractured trust and terrified communities,” they said in the statement.

The Trump administration has vowed to carry out mass deportations of illegal immigrants and has said that many of the people being arrested and removed from the country are criminals with lengthy rap sheets, including convictions for child abuse, sexual assault, and other crimes.

Reuters contributed to this report.

Tyler Durden Wed, 01/28/2026 - 08:05

Chinese Hackers Reportedly Breached Phones At "Heart of Downing Street"

Chinese state-linked hackers reportedly accessed mobile phones “at the heart of Downing Street” as part of a long-running cyber-espionage campaign targeting telecom networks worldwide, according to Fox News.

U.S. intelligence agencies believe the breaches began as early as 2021, though they were publicly revealed in 2024 after American officials warned allies about widespread intrusions into global telecommunications systems.

The campaign targeted several countries, including the U.S. and members of the Five Eyes alliance. Investigators say the attackers may have gained access to the data of millions, with the ability to monitor calls, read messages, and track locations.

Former U.S. national security adviser Anne Neuberger said the “Chinese gained access to networks and essentially had broad and full access,” allowing them to “geolocate millions of individuals” and “record phone calls at will.”

Fox News reports that a source told The Telegraph that the breach reached “right into the heart of Downing Street,” raising concerns that senior U.K. officials may have been affected.

In response, U.S. agencies urged telecom companies in 2024 to strengthen security. A joint advisory in August 2025 warned that Chinese state-sponsored groups, including one known as “Salt Typhoon,” were continuing to target networks globally.

The Telegraph also reported “many” hacking incidents affecting British government phones, particularly during former Prime Minister Rishi Sunak’s term from 2022 to 2024.

Former Israeli intelligence chief Yuval Wollman said Salt Typhoon is “one of the most prominent names” in cyber-espionage, with operations extending across Europe, the Middle East, and Africa.

China has previously denied the allegations, calling them “baseless” and “lacking evidence.” U.K. officials have not yet commented on the latest reports.

Tyler Durden Wed, 01/28/2026 - 04:15

UK's Government-Controlled Digital ID Is Not The Optional Convenience It Is Being Sold As

Authored by David Thunder via 'The Freedom Blog;,

The UK government has pledged to introduce a digital ID system for all UK citizens and legal residents by the end of the current Parliament (so no later than 2029). The integration of digital ID into government services, though already under way, has hitherto been largely voluntary. However, is is becoming steadily less optional, as the government has said it will now be required as a precondition for work in the U.K, and a version of it (GOV.UK One Login) is already being imposed unilaterally upon company directors throughout the U.K.

Chief Secretary to the Prime Minister Darren Jones has suggested in a recent interview (19/11) that digital ID is completely optional and will simply make government services more accessible and convenient. But this is a rather disingenuous sales pitch. On the one hand, Starmer himself insists that digital ID will be required as a precondition to work legally in the U.K; on the other hand, like any new technology, there will be a transition period, but voluntariness is unlikely to last forever.

Evidently, the government will not immediately require everyone to use a digital ID in their interactions with government agencies. But as digital ID becomes more normalised, it will likely become as compulsory as holding a passport for international travel. Can you really imagine a modern government allowing “hold-outs” to stay in the physical world while digital ID systems become the norm?

Providing citizens with an easy way to seamlessly verify their identity when they access government services may seem like the “efficient” thing to do. However, this apparent efficiency comes at a high price, exposing citizens to significant risks of government over-reach, surveillance, and system failures.

The old “clunky” system, in which there was bureaucratic redundancy and replication and in which physical ID cards had to be shown to access discrete government services made it more difficult for the government to comprehensively monitor and control a citizen’s choices in real time, and meant a single point of failure in the system did not necessarily compromise all of a citizen’s important data, or disable citizens’ ability to access public services.

The problem with universal digital ID overseen by the State is not that a dystopian State will be born overnight, or that all our data will be stolen the day after the scheme is initiated, but that the architecture of authoritarian control will be set in motion, and the potential repercussions of serious data breaches and system failures will be significantly enlarged.

According to a House of Commons Research Briefing, government statements suggest that “there will be no centralised digital ID database.” But as the same briefing points out, civil rights group Big Brother Watch stresses that “even decentralised systems can behave like centralised ones if identifiers link data across platforms.”

The creation of a digital ID system for accessing a wide range of public services clearly poses grave risks of abuse, given the evident conflict of interest of governments who both oversee the architecture of a digital ID system, and have incentives to extend their control over citizens’ lives.

Unlike a traditional physical ID system, in which there is a local gatekeeper who opens the gate to a service based on limited information - typically, a service-specific database - a digital ID system could, in some future iteration, permit a remote gatekeeper to use an AI algorithm to analyze a citizen’s data and history (unlocked by their ID) and ration their access to a service to induce compliance with the government’s preferred policies. This scenario becomes even more plausible given the momentum behind centralised digital currencies, which could offer governments direct leverage over citizens’ income and spending choices.

Do such scenarios seem far-fetched? If the digital ID system is controlled, overseen and effectively programmed by centralised governments and their agencies, and is already intended as an obligatory verification procedure for employment rights, there is certainly no technological impediment to governments extending the logic of digital surveillance and control, through “mission creep,” to other sectors of social life.

For example, just as a government uses digital ID to track someone’s employment history and residency status as a way of corroborating their right to work, surely it could also use digital ID to track someone’s health history or vaccination status as a criterion for the right to, say, attend public venues, use public transport or enter the country?

And if the same digital ID is associated with a “digital wallet” tied to CBDC (Central Bank Digital Currency), then what is preventing a government from capping a citizen’s spending on international travel once they reach their “carbon allowance”? What if a government-regulated digital ID is required for citizens to post content on social media? This scenario, which is far from fanciful, would give governments leverage to restrict “non-compliant” citizens’ social media activities.

So much for the technological feasibility of leveraging a digital ID system to exert ever greater control over citizens’ lives. Now, do we think government officials are so profoundly committed to civil liberties that they would balk at the thoughts of leveraging digital ID programmes to engage in far-reaching forms of surveillance and control over citizens’ lives? We hardly have grounds for optimism, given Western governments’ abysmal track record during the Covid era, when they were prepared to lock down citizens in their homes based on scientifically flimsy theories of disease control, and “make life hell” (to use a loose translation of President Macron’s notorious expression) for citizens who opted out of an experimental vaccine.

Besides the substantial risks of government surveillance and over-reach, there is a very real risk that citizens’ data may be more exposed to cyber-attacks in a more ambitious, integrated and data-rich digital ID system, and that the very ability to access public services may be as fragile as the weakest point in the system.

On the one hand, government-overseen databases, no less than privately managed databases, have notoriously been compromised, time and again, by serious data breaches and leaks over the years. An increasingly complex and wide-ranging system, linking an ever wider pool of citizens’ data, will be sure to attract the interest of international hackers. On the other hand, if and when these systems experience major glitches, such as the recent outage of internet security company Cloudfare that took ChatGPT and X offline, public services may experience major disruptions, if not paralysis. We want resilience, not just efficiency.

There are more and less safe and efficient ways to harness the technology of digital ID. But the development of digital ID systems should be managed by a complex web of service providers who can develop competitive solutions to the technical problems they pose, under a broad legal framework, and reliance on such systems should be maximally voluntary.

We are living through a major crisis of trust in public institutions. Governments have shown themselves to be unworthy stewards of the ship of State, and citizens are right to distrust their intentions and competence. There could hardly be a worse time - and I’m not saying there ever was a good time - to entrust politicians with an ambitious digital ID programme plagued with risks of government surveillance, technocratic over-reach, system failures, and data breaches.

Tyler Durden Wed, 01/28/2026 - 03:30

EU 'Celebrates' Replacing One Massive Energy Dependency With Another One

EU member states on Monday finally signed off on a legally binding ban on Russian gas imports, locking in a hard deadline to sever the bloc's remaining dependence on Russian energy flows by late 2027.

The move turns Brussels' long-running pledge to cut Moscow energy loose into enforceable law, nearly four years after Russia's full-scale invasion of Ukraine, or what Putin calls the Special Military Operation, which has still not been legally declared by Russia to be an official state of war.

Eric de Mildt/Greenpeace

Under the deal, the EU will shut the door on all Russian liquefied natural gas (LNG) imports by the end of 2026, followed by a complete ban on pipeline gas by September 30, 2027.

A limited escape hatch was built in for those countries struggling to replace Russian supply and fill storage ahead of winter. These can push the pipeline cutoff to November 1, 2027.

Before 2022, Russia accounted for more than 40% of the EU's gas supply - a figure which has fallen to roughly 13% by 2025. But there's still a sizeable gap between Brussels' political messaging and the bloc's actual energy behavior. As Reuters reports:

Last month, the five biggest EU importers spent 1.4 billion euros ($1.66 billion) on Russian energy, mostly on gas and LNG, data from the non-profit Centre for Research on Energy and Clean Air showed. Hungary was the biggest buyer, before France and Belgium.

Here's how the president of the European Parliament, Roberta Metsola, announced the ban Tuesday: "We have just signed the ban on Russian gas into law. Europe is securing control of our energy supply and strengthening our autonomy."

There's only one obvious problem in all this from a supposed European 'energy independence' perspective, summarized well in the following:

They’ve just locked themselves into total dependency on the US, the country they claim to want to become “independent” from. Utter clowns. https://t.co/yO5UdBMTAY

— Thomas Fazi (@battleforeurope) January 27, 2026

Another commenter, a European libertarian, reacted as follows: 

What an idiot stooge, willing to do anything for power. This is the tragedy of Europe: with such a "leadership" we assure our continued submissiveness to the US.

And journalist Mark Ames roundly mocks these new 'boasts' EU energy freedom in the following remarks, and invoking the Greenland crisis, on the below clip:

Danish PM bragging how they swapped out their dependence on cheap Russian gas, which posed a theoretical threat, for dependence on expensive US gas, a direct existential threat to Denmark. Must be that high European IQ that race science weirdos rave about.

Danish Prime Minister Mette Frederiksen:

I think, or I hope, that all Europeans can now see that it was a huge mistake to be dependent on Russian fossil fuels. We should never have been.

And now we have to make sure that we will have no dependencies on other countries outside… pic.twitter.com/J9o6c0HXYe

— Clash Report (@clashreport) January 26, 2026

"We’ve replaced one massive dependency with another one," Henning Gloystein, a managing director for energy at Eurasia Group, told The NY Times. "That looked fine three years ago, but now it doesn't."

That same Tuesday NYT report points out that soon after the Feb.2022 Russian invasion of Ukraine, "The United States came to the rescue. Tankers loaded at U.S. terminals shipped large volumes of liquefied natural gas to European ports in the Netherlands, France and Belgium, among other destinations, helping to replace the Russian fuel and calming markets."

And the report follows with this epic and ironic line, highlighting the elephant in the room: "Not long ago, those gas flows looked heroic. Now, they are raising eyebrows. Since beginning his second term, President Trump has sought to use trade as leverage in disputes with other countries, including his recent push to take over Greenland."

Tyler Durden Wed, 01/28/2026 - 02:45

EU's Deadly New Weapon Against Press Freedom: Already Wreaking Havoc

Via Remix News,

In an extraordinary case that could decide the future of press rights in Europe, Berlin-based German-Turkish journalist Hüseyin Doğru is currently under European Union sanctions for his reporting, which left him completely unable to access his bank account for months.

Under orders from the EU, his assets were frozen, and these sanctions were dispensed with no trial or appeal. Currently, Doğru says he is not even allowed to leave Germany.

As Berliner Zeitung reports, Doğru completely exhausted all financial means, telling the paper that his bank has completely blocked access to his previously approved minimum subsistence allowance of €506. He stated that he can no longer support his family or even buy food for his two newborn children.

“Not only I, but also my wife and my three children are effectively being sanctioned,” Doğru, a left-wing journalist, said in the interview.

“The sanctions themselves stipulate that I am entitled to access to essential funds. The fact that my bank is nevertheless blocking these funds violates applicable law in my view,” he told the Berlin newspaper.

Since then, he has won some reprieve and regained access to his account on Jan. 22 through the actions of his lawyer, but a legal battle over the sanctions is continuing.

UPDATE: Comdirect finally (and unwillingly) restored my account access—only after public and media pressure. Thank you ALL for supporting me. Next goal: lift the sanctions, not just against me, but against all punished for expressing their opinions. https://t.co/P6rdkNhCC8

— Hüseyin Dogru (@hussedogru) January 22, 2026

There are now fears that the extraordinary case may be a sign of where the future is headed, where an authoritarian EU can censor and financially ruin dissidents and journalists with no oversight or judicial review. Notably, similar sanctions could also be deployed against others, such as Roger Köppel, the Swiss editor-in-chief of the weekly Die Weltwoche.

Doğru has been on an EU sanctions list since May 2025, with Brussels arguing that his pro-Palestinian journalistic work incites “ethnic, political, and religious discord” and therefore, he allegedly supports “destabilizing activities by Russia.” Notably, he filmed a number of the occupations of Berlin universities by pro-Palestinian activists.

The basis for the sanctions was his alleged connections to Russia, but the Berliner Zeitung indicates that so far, no proof has been presented to confirm this accusation, and more importantly, there was no trial or evidence provided to support this accusation.

“Brussels justifies the measures by saying that he is using his pro-Palestinian journalistic work to stir up ‘ethnic, political and religious discord’ and thus allegedly ‘destabilizing activities that support Russia.’ The EU has not yet publicly provided any concrete evidence of a connection to Moscow,” wrote the paper.

Germany couldn’t do it, but the EU could

In a recent interview on Youtube, which included the Greek progressive Yanis Varoufakis, Doğru provided further details about his case, including why these sanctions came from the EU and not Germany.

“And this now all applied to me the first time in the form of a sanction, but the German government did not do it directly with me. They, as Yanis said, pass it over to the European Union because in Germany, they could not do that in a legal way, because the backlash is still there in this bourgeois democracy. The little backlash, if it comes to their own citizens, which I am, even though they don’t maybe accept me as such. But if a journalist is in court here, he has a lot of rights.

But if you go through the European Union, the European Commission, there is no judge, there is no hearing, there is no evidence. It’s an extrajudicial act of… and the EU says sanctions are not punishment, they are punitive to change your behavior for the benefit of the European Union, which is not a punishment. So, it’s an extrajudicial execution of a journalist. 

But now coming back to the beginning, why is that happening? They’re all laid that out and they’re testing it with me for the first time. And what makes the whole situation unique is that the first time, if they can get away with it, this is going to soon happen to you guys as well, or even those who attacked us.”

The sanctions had a devastating effect on Doğru and illustrate how they could be used to silence nearly any journalist, whether on the left or the right.

“I’m not allowed to pay my lawyer. I’m not allowed to buy water. I’m not allowed to provide my child with food. I’m not allowed to work. I’m not allowed to buy medicine. Every single monetary transaction with me is forbidden. Technically, you’re not even allowed to give me a basket of food because I could turn that technically into money. And this is forbidden.

And if I violate or you do, I don’t know about you, but if I were to violate one of these things, I could face like five years of prison time by avoiding sanctions technically, but they went further. I’m sanctioned, I’m on that list, but they also technically sanctioned my wife and our unborn twins because they froze older accounts.  She is not allowed to receive her salary right now.

So in this moment, we technically have no money that we can access to go and buy something. There is also the problem because a lot of activists, journalists, colleagues, politicians and family members even said, ‘Should we send you money?’ We said, ‘Don’t do that. Don’t do that because you would be maybe categorized as avoiding sanctions.’ And this is the problem here. Sanction, as the European Union describes on their website, is a tool that is aligned with humanitarian law, which is not deemed to punish, but rather to change your behavior.”

You literally sanctioned me for exercising my freedom of speech. https://t.co/tgP9kMiJIu pic.twitter.com/56Cb7vq0Jz

— Hüseyin Dogru (@hussedogru) December 24, 2025

Notably, this is tool is being used on a journalist in Europe during a time when EU Commission President Ursula von der Leyen is claiming that Europe is a place where freedom of speech is valued, a point that Doğru is more than willing to point out.

The German-Turkish journalist stated during the interview that he does not understand what “behavior” is supposed to be changed by the sanctions, saying:

“To change behavior, what kind of behavior do they want to change? My behavior to use my rights as a citizen of Europe or of the world to express my opinion on certain events. Also, the right to survive because all my existential grounds are taken away from me. To be a bit more specific, maybe that sounds a bit crude, but just to make the point that I don’t want anyone to misunderstand me, someone in a prison currently technically has more rights than I have, because they can, in custody, buy something which I can’t even.”

The Russian accusations

For those on the right who dismiss this case because of Doğru’s pro-Palestinian coverage or maybe even dislike him because he’s a Muslim, it is clear that this is only a test case. Many of his views or the views of Varoufakis, such as their claims about European colonialism, can be contested, but that is besides the point. Conservatives, libertarians, and the right will all be targeted in the future, not only with this type of method, but other similar methods that are already being deployed.

Doğru indicates that the argument, as far as he can see, is not that he has any direct connection to Russia, but that the EU can interpret his reporting as beneficial to Russia, and therefore, it can legally use these extrajudicial sanctions. Notably, Doğru said he was openly criticizing Russia and its war in Ukraine long before these sanctions hit him.

“And I think this is unique as Yanis said at the beginning with my case, because for the first time ever, Europe sanctioned a journalist in the context of the Russian sanction packages and laws and regulations, who was criticizing Russian policies publicly, which I did, who was criticizing the war in Ukraine,” he said.

He added that he was targeted for “covering protests across Europe, which meant for the European Union that covering that, covering protests, covering violent protests, means for the European Union that only Russia can benefit from that because I’m creating social discord. I’m focusing on that, apparently, and Russia can benefit from that. Therefore, that makes me a Russian news outlet or pro-Russian journalist, which is, I can’t see you’re rolling your eyes. It’s exactly what happened to me as well.”

It is important to note that a report from German newspaper Tagesspiegel indicated that Doğru previously worked for Russian-linked news source Redfish Media. After the war in Ukraine broke out, Redfish closed down, and Doğru began a new outlet called Red, which included a number of former Redfish employees. Doğru indicated that the Red outlet, founded in Istanbul, was independent and received support from private individuals and organizations, without providing further details.

Even if this outlet, however, is connected to Russia in some manner, and so far no evidence has been presented in that direction, the EU’s ability to implement such powerful sanctions against an individual without due process should raise concerns for journalists everywhere.

Concerns expressed from many corners

It is not just the far left complaining about these sanctions against Doğru, but a broad political spectrum is taking issue with how they have been implemented. Here is what Berliner Zeitung wrote:

The Doğru case has been causing a stir for months. Critics see the sanctioning of a German journalist as a dangerous precedent for press freedom in the European Union. The criticism is particularly harsh in a legal opinion prepared by former European Court of Justice judge Ninon Colneric and international law professor Alina Miron. The opinion was presented to the European Parliament in the fall and addresses the new EU sanctions regime against so-called disinformation.

The authors conclude that the sanctions constitute a profound infringement of fundamental rights. The measures act like a “civil death” (“mort civile”): assets are frozen, access to banking services is effectively blocked, and the economic capacity of those affected is almost completely eliminated. This not only affects the sanctioned individuals themselves but also has a direct impact on their professional and private lives.

The report states that it is particularly problematic that sanctions are imposed without prior judicial review. Denying the right to a hearing before being placed on a sanctions list is disproportionate and violates European fundamental rights. The damage to freedom of expression and of the press is completely out of proportion to the stated goal of combating disinformation.

In short, the EU took a sledgehammer to this case, and with the other issues such as Central Bank Digital Currencies (CBDCs) and efforts to fight so-called “disinformation,” it is clear that these tools and terms can be weaponied within the EU establishment against any reporting they do not agree with or find to be a threat.

The history of these sanctions

While the main points of this text has been addressed, some readers may be interested in how these sanctions were implemented and their background.

Doğru addresses the history of these sanctions in his interview with Varoufakis.

“How did we come to this point? It’s going to be a little bit technical, like using technical words, but I think for the audience it is very, very important because that did not just happen from nowhere. It technically started with the annexation of Crimea by Russia. So that’s when the European Union created the European External Action Service (EEAS), which was tasked to combat disinformation and Russian influence in Europe.

After around 2018, that body was extended with more rights, which created a kind of like an action plan against this information. And then we first heard like these words, and I think everyone knows that now. It’s like undermining European democracy, the European values, the European project and about strategic threats, and at some point about disinformation.”

He goes on to address terms like “disinformation” and “hybrid threat,” saying these terms were first coined around 2020. He said that disinformation, in particular, does not have to be a lie, but simply information that is categorized as a threat by the EU.

“That means technically information is now categorized by the EU as a threat, as long as it does not serve their benefit. In that case, as long as a journalist does not report on behalf of or for the benefit of the European Union. This might be a protest, that might be, if I criticize in the context of the Ukraine war, Russia and Europe, for example. So it’s kind of militarizing and criminalizing information, and by fighting disinformation and shutting down information, the EU started to use this (term),” he said.

He then delves further into the history of these sanctions and how the Digital Service Act (DSA) raised the stakes because it allows the EU to punish and sanction individuals, including journalists.

So what happened after that is also like the EAS created or introduced the FIMA, I think it is called, the foreign information manipulation and interference. This was very, very unique and very, very important because that gives the EEAS the right to punish, sanction everyone who is also, how should I work that now, involved in, this is very important: non-illegal suspicious behavior. So they say you have maybe a suspicious behavior and it is no illegal but we judge that as a threat to us, and we can’t punish you. That’s what the FIMA says. So this is very important. The only evidence is look at EEAS, look at FIMA. That’s the template for that…And that brings us to the last point, the Digital Service Act.

The Digital Service act says that in a state of emergency, whatever that is, they don’t announce that or explain that, that they technically can sanction, punish or whatever punishment they have in their mind, journalists and information.

Varoufakis closes by addressing how dangerous this threat now is for European citizens and journalists.

“And we need to emphasize this. I’m glad we have Hüseyin (Doğru) here because this innovation by the German government on the one hand and of course the European Commission on the other is a vile and dangerous precedent, as Hüseyin said. Today, they choose to use anti-Russian or Russian related decrees in order to stop a journalist, a German citizen, from writing about Palestine.

Tomorrow, they can do exactly the same thing regarding any issue, any topic that they do not want people to talk about. It could be anything from the investigation of an accident, a railway accident, an airplane crash. Once we have allowed them to use extrajudicial cancellation methods of European citizens, then that is the thin edge of the wedge. And we go back to really before Magna Carta, before Magna Carta. We’re not talking about democracy now in big domains. We’re going, no, we are digging ourselves into a hole, a wormhole that brings us out like a time machine before the time of Magna Carta.”

Read more here...

Tyler Durden Wed, 01/28/2026 - 02:00

The End Of "The Great Reset": Six Final Takeaways From Davos As Globalism, Net Zero Lose Edge

Authored by Owen Evans via The Epoch Times,

For years, the World Economic Forum (WEF) has promoted discussions around global economic coordination and governance, an approach often associated with initiatives such as the “Great Reset,” a concept introduced by WEF founder Klaus Schwab.

At this year’s meeting in Davos, Switzerland, however, the tone of the forum appeared more cautious, with a greater focus on debate and scrutiny of existing assumptions than on presenting a unified vision.

The forum, which has traditionally provided a platform for political and business leaders to discuss ideas such as “stakeholder capitalism,” also featured more challenges to these concepts.

Critics of the model say that it places increased emphasis on environmental, social, and governance priorities, including diversity, equity, and inclusion goals, while supporters maintain they reflect evolving expectations of corporate responsibility.

Here are six takeaways from the 2026 Davos meetings.

1. Net Zero Meets Industrial Reality

Despite many sessions continuing to adhere to the forum’s long-standing emphasis on so-called climate change risks and warnings of environmental catastrophe, some talks were shaped by concerns over sovereignty and strategic dependence, including energy security and supply chains.

U.S. Secretary of Commerce Howard Lutnick said at a WEF stage event that Europe’s decarbonization goals risk increasing dependency on adversarial nations such as China for key components of its energy transition.

“You should not be dependent for that which is fundamental to your sovereignty on any other nation,” Lutnick said. “And if you’re going to be dependent on someone, it darn well better be your best allies.”

Europe has imposed some of the world’s strictest climate regulations while offshoring much of the industrial base required for the energy transition. The bloc is heavily dependent on China for batteries, rare earths, and critical minerals.

“Why would Europe agree to be net zero in 2030 when they don’t make a battery?” Lutnick said. “So if they go ‘2030’ they are deciding to be subservient to China, who makes the batteries. Why would you do that?”

Vimal Kapur, CEO of Honeywell, a major U.S. industrial and technology conglomerate that supplies critical systems for aerospace, energy, manufacturing, and heavy industry worldwide, said that renewable energy alone cannot currently sustain the high energy demands to produce cement or steel.

“They are very energy-intensive ... It’s physics,” Kapur said.

“Renewables remain in the mix, but it cannot bring the amount of joules we need to produce this infrastructure which is required in the world.”

2. Rules-Based Order Declared ‘Finished’

Canadian Prime Minister Mark Carney used his Davos speech to pronounce the “rules-based international order” over.

“The old order is not coming back. We should not mourn it. Nostalgia is not a strategy. But from the fracture, we can build something better, stronger, and more just,” he said.

Canada's Prime Minister Mark Carney delivers a speech during the World Economic Forum in Davos, on Jan. 20, 2026. Fabrice Coffrini/AFP via Getty Images

“The middle powers must act together, because if we’re not at the table, we’re on the menu.”

Carney visited China last week and praised the regime’s leadership as his government seeks to deepen cooperation with Beijing.

French President Emmanuel Macron also spoke of trade tensions with the United States.

He said that competition from the United States through trade agreements “undermines our export interests, demands maximum concessions, and openly aims to weaken and subordinate Europe, combined with an endless accumulation of new tariffs that are fundamentally unacceptable, even more so when they are used as leverage against territorial sovereignty.”

3. Quiet on The Great Reset

Some of the clearest signals came from absences rather than speeches.

Schwab didn’t attend Davos this year, marking the first time the WEF founder wasn’t present at the event in its 55-year history. He stepped down from his leadership role last year.

Schwab wrote the book “COVID-19: The Great Reset,” which controversially urged elites to “press the reset button on capitalism.”

The Great Reset became shorthand during the pandemic-era lockdowns for calls to use the crisis to reshape economies and social systems under slogans such as “build back better,” a notion whose advocates saw as positive reform and welcome advancement of “social justice” but whose critics viewed as elite-driven social engineering and heavy-handed government overreach.

“Stakeholder capitalism,” coined by Schwab in 1971, is capitalism in which companies “do not only optimize short-term profits for shareholders, but seek long term value creation, by taking into account the needs of all their stakeholders, and society at large.”

“Stakeholders,” according to the WEF, includes “everyone who [has] a ’stake' in the success of a firm,” massively broadening the pool of voices that can influence the decisions of a company.

This led to corporations prioritizing “environmental, social, and governance” goals alongside shareholder profit.

Critics have labeled it a form of “disaster corporatism,” saying it blurs the line between business and state.

4. Anti-Globalist Challenge

Davos has hosted critics before, but this year stood out.

Last year, at a WEF special address Argentinian President Javier Milei, a self-proclaimed anarcho-capitalist, told the audience: “Do not be intimidated by the political caste or by parasites who live off the state.”

This year, he went even further, in an intense speech blasting socialism and what he described as the West’s abandonment of liberty, framing 2026 as a year of global “awakening” toward free-market principles.

“The world has begun to awaken,” Milei said, adding that “we have a better future ahead, but that better future exists only if we return to the roots of the West, which means returning to the ideas of liberty.”

Argentina's President Javier Milei speaks during the World Economic Forum in Davos on Jan. 21, 2026. Fabrice Coffrini/AFP via Getty Images

5. World ‘Not a Cozy Place’

Davos, long known for its convivial fireside chats, alpine scenery, and reflective discussions on global cooperation, sustainability, and economic reform, gave way to a more sober mood as geopolitical tensions dominated proceedings.

“This new world of great powers is being built on power, on strength, and when it comes to it, on force,” German Chancellor Friedrich Merz said. “It’s not a cozy place.”

He also highlighted his country and the EU’s long-standing structural economic weaknesses.

“Both Germany and Europe have wasted incredible potential for growth in recent years by dragging feet on reforms in unnecessarily and excessively curtailing entrepreneurial freedoms and personal responsibility,” he said.

“The single market was once created to form the most competitive economic area in the world, but instead, we have become the world champion of overregulation,” Merz added. “That has to end.”

6. Trump Dominates

U.S. President Donald Trump’s presence and agenda eclipsed many of the forum’s traditional economic discussions.

This included Trump’s speech and high-profile interventions, from demanding “immediate negotiations” regarding the U.S. bid for Greenland to establishing members on his new Gaza Board of Peace initiative.

“The USA is the economic engine on the planet. And when America booms, the entire world booms,” Trump said.

He said he wants European civilization “do great.”

“That’s why issues like energy, trade, immigration, and economic growth must be central concerns to anyone who wants to see a strong and united West. Because Europe and those countries have to do their thing. They have to get out of the culture that they’ve created over the last 10 years. It’s horrible what they’re doing to themselves. They’re destroying themselves.”

“We want strong allies, not seriously weakened ones,” he added. “We want Europe to be strong.”

Tyler Durden Tue, 01/27/2026 - 23:25

The Seven Deadly Sins Of Weight Loss Drugs

Authored by Alan Cassels via The Brownstone Institute,

O is for Obesity….

Back in the days, we saw a fat lady sing, 
Her song rich and lovely, our hearts would soon ring. 
And with her size so big, we silently mocked her,
But we never thought once she should just see a doctor.

But that has all changed. It’s obesity not fat, 
A medical label wearing a medical hat.
Dieting and exercise, everyone agrees,
Ain’t the modern way to tackle “chronic” disease. 

She’s caught a new tune, she’s no easy cynic,
And she gets the right needle from the right clinic. 
The fat melts away, that drug is quite clever.
As long as she takes it forever and ever.

Welcome to the inaugural edition of The Sick Hustle Dispatch. I’m Alan Cassels, drug policy researcher, author of four books, student, and scholar of the world of medical hype. I have spent 30 years as an independent drug policy researcher, critiquing aggressive pharma marketing and disease-mongering. I believe we are all subject to the sharp end of the pharmaceutical industry’s profitable con of transforming everyday aches, normal aging, social ills, and common fears into lifelong pill-swallowing customers. And in much of my writing this is what I hope to expose. 

Back in 2005, with Australian journalist Ray Moynihan our book Selling Sickness: How the World’s Biggest Pharmaceutical Companies Are Turning Us All Into Patients laid bare the playbook: drug companies, with their legions of PR flacks, paid experts, funded patient groups, and compliant media, systematically widen the boundaries of illness to expand their markets. High cholesterol? Shyness? Mild bone thinning? Restlessness? All rebranded as chronic, widespread conditions, burnished with a patina of respectable medical terminology and paving the way for a lifelong diet of pills. That’s the way the model works. 

You see, cures are passée. Cures kill markets. Getting the population properly hooked on a pharmaceutical treatment for a ‘chronic’ condition is where the serious money is.

Our core insight was simple and grim: it’s far easier—and infinitely more profitable—to convince healthy people that they’re sick than to develop genuine cures for the truly ill.

Twenty years later, the hustle is bigger, slicker, and more dangerous than ever. 

Watching that hustle unfold with weight loss drugs feels weirdly ominous, like watching a slow-moving train wreck you can’t peel your eyes off of. You know there’ll be carnage and bodies, vast fortunes won and lost, and humanity left just a little bit poorer. We have often documented the pharmaceutical industry’s proven ability to create enormously lucrative markets overnight, by inventing and selling diseases.

Now watch as all that ingenuity and energy gets pointed at one of the biggest problems bewitching humanity: human fatness. 

Redefining the Disease

The most central issue stems from the very definition of disease. 

By way of poignant parable, in the mid-1990s the drug industry and their surrogates had managed to bamboozle the medical world that pain was the “Fifth vital sign,” a card trick that opened the door to the widespread use of opioids (like Oxycontin). This redefinition of pain treatment—through industry-funded textbooks, and lectures—meant our doctors were soon writing routine prescriptions for some of the most addictive substances on earth for everything from simple arthritis or back pain to tooth extractions. 

This was similar to how the companies inserted themselves into medical societies and treatment panels, redefining levels at which doctors should treat high blood pressure, blood sugars, or high cholesterol, (lowering them and widely expanding the numbers of citizens treated). Now, makers of one of the most lucrative drug classes in history are using their weapons-grade propaganda to go after the big kahuna, obesity. 

Just switch the goal posts, redefine the label, and then supply the treatment. It’s easy when you have more money than God. This sleight-of-hand, which firmly places blame on your “genes” instead of your lifestyle or your socio-economic status will someday be considered as scandalous a catastrophe as a man-made virus escaping from a Chinese lab. Scandalous, and human-caused, because there is no mystical “obesity gene” taking over our lives, but redefining it this way (similar to how Big Pharma redefined “pain”) will allow makers of weight loss treatments to colonize millions of new customers.

As evidence of the shifting goalposts, one only needs to examine a definition-changing study from 2025, vastly increasing our estimates of obese Americans by adding “anthropometric” measures such as waist circumference, waist-to-hip ratio and waist-to-height ratios, leading to estimates that up to 75.2% of US adults have obesity. 

Gaining too much weight so that it impairs your health is overwhelmingly linked to diet, exercise, environment, poverty, and ultra-processed food, yet these behavioural, social, and environmental factors get eclipsed by the theory of the “chronic relapsing brain disease” requiring ‘medical, science-based’ cures.

Oprah, in her new book Enough asks that we “step back and look at obesity for what it really is.” Speaking with the certitude of a top-tier celebrity that obesity is not about willpower and burning more calories than you consume, it’s “a chronic medical condition rooted in the body’s own regulatory systems, which are responding to our current environment.” 

There’s no irony when she calls this the “crucial shift—from blame and shame to science and treatment.”

As the sellers of sickness are so good at doing, they’ve taken a social/environmental and behavioural condition and turned it into a medical one, feeding an insatiable appetite for an expensive, ineffective, and ultimately deadly drug which stops working the moment you stop taking it.

This is disease-mongering at its peak, redirecting important energy that could make us all healthier, and pouring it into chemical treatments and creating a lifelong, expensive dependency.

The Ongoing Story of GLP-1 Inhibitors

The GLP-1 juggernaut—drugs such as Ozempic, Wegovy, Rybelsus, Mounjaro, Zepbound, Trulicity, Victoza, and Saxenda– have undoubtedly become a massive phenomenon. 

Admittedly some portion of people consuming these drugs might find that the quality and length of their life has improved. Well-meaning clinicians—who are genuinely trying to help morbidly obese patients and diabetics who feel stuck—might use these drugs as a way to kickstart important lifestyle and behaviour changes. However, we know the drugs are part of an experiment whose ultimate outcome is unknown. Even Oprah can’t tell us how long or how healthy a person will become if they take GLP-1 Inhibitors for the “rest of their lives.” Only time will tell how well humans adapt to a widespread chemical alteration of their appetites.

History has not been kind to weight loss drugs: even a brief peek back into the last 30 years of drug treatment for weight-loss reveals an unmitigated story of disaster and failure. 

As with any massive uptake of a new drug, already lawsuits are beginning to pile up, mostly centred on gastrointestinal effects such as gastroparesis. Drug labels warn of “fatal malnutrition” as well as vision loss and assorted psychiatric impacts. Fresh studies confirm rapid weight regain—and returning health risks—after stopping the drugs. Most people can’t tolerate the side effects of these drugs and stop them. 

As of early 2026, the GLP-1 frenzy shows no signs of slowing—despite price negotiations, new oral formulations, and even WHO guidelines endorsing long-term use for obesity as a “disease.” Novo Nordisk and Eli Lilly continue to dominate a market projected to hit $157 billion by 2035, with 2025 sales already topping tens of billions for Ozempic/Wegovy and Mounjaro/Zepbound. 

Seven Deadly Sins

The world’s current fixation on GLP-1s is possibly the most egregious disease-mongering exercise humankind has yet seen, representing moral sin on a massive scale.

That made me think that the Seven Deadly Sins, also known as the capital vices or cardinal sins, are a useful lens to examine the phenomenon. They are “deadly” because they are believed to be the root causes of other sins and moral corruption. They include: 

Pride (Vanity/Hubris): Probably the mother of all sins, pride is an excessive belief in one’s own abilities, qualities, or self-importance, without regard for others. Pharma and the experts in their employ are arrogantly rewriting medical reality—pushing obesity as an inevitable “chronic relapsing disease” driven by faulty hormones and genetics. The self-deception in downplaying the centrality of behavioural solutions to weight loss and positioning the GLP-1s as revolutionary miracles, is hubris at its height. Pride goes before the fall and in this case this “superior” biomedical fix eclipses and denounces humbler societal solutions.

Greed (Avarice/Covetousness): The amount of money in this class of drugs is truly mind-boggling because the size of the patient population is so large. One media commentator in Canada said that 50% of the population should be on a GLP-1. Given the grossly inflated prices of these products, the enormous revenue stream pouring in is being used to buy whatever is needed: the doctors, the media, the scientists, the pundits, the consumer advocates, and the governments and insurers who are being pushed relentlessly to pay for all this madness. The greed feeds an ecosystem for supporting and expanding markets beyond reason and common sense, silencing critics and monopolizing the narrative. 

Wrath (Anger): Having followed drug safety controversies for decades and speaking to lawyers involved in GLP-1 lawsuits, I can feel the growing rumble of rage, and desire for revenge by those harmed. The class action lawsuits over the more obvious adverse effects such as stomach paralysis, vision loss, and psychiatric effects are gaining steam, but that is the tip of the iceberg. As more of the unknown unknowns come to light, manufacturers will trot out the usual plausible deniability arguments. Billions are being set aside to fight the inevitable lawsuits coming as mainstream and medical media are suppressing any criticism of the medicalization of obesity with that tired trope of “Science Denier” plastered on anyone questioning the wisdom of these drugs. Indeed: plenty of anger to go around. 

Envy: The human proclivity to covet or desire what others have (traits, success, possessions) makes envy a key marketing tool, stoked by the likes of Oprah Winfrey, Elon Musk, and other so-called influencers. Those celebrities who flaunt their dramatic drug-induced transformations make the rest of the world envy their “Ozempic body,” and build resentment towards those who are blocking access to the drugs. All of this, of course, drives off-label use, black markets, and inequity where it seems that only the rich can access the “perfect” thinness. With the drugs soon to be available generically, and prices dropping dramatically, soon price alone will not be a barrier to anyone who’s envious enough.

Lust: An intense or unbridled desire for pleasure can extend to sex, power, or indulgence. Here, the lust is for instant gratification, the dominant quick-fix allure of most drug marketing, where effortless thinness can be found, apparently, without “deprivation.” What most people need is a body size that, for them, is healthy and sustainable. The Ozempic body is the opposite of that, rewarding lust for instant gratification over sustainable health. Still tempted? Google “Ozempic face” and read about a future of gaunt, aged facial appearance—featuring sunken cheeks, hollow eyes, sagging skin, and wrinkles. But don’t worry, the drug industry is good at producing drugs to treat the harms produced by the ones they’re also selling. 

Gluttony: If you think gluttony has gotten us into this mess, and reversing it is the only way out, I don’t think that’s fully true. If we have a nation full of overweight people, then why do we persist with accepting a society engineered for inactivity? Most of us drive, sit, or lounge through our waking hours, consume cheap, nutrition-less, calorie-heavy food, and are otherwise unable to eat or exercise our way to a more appealing body shape. There isn’t a drug that’ll fix the underlying disease of living poorly. 

Sloth (Acedia): This might be the ultimate lazy shortcut: why address root causes (food systems, activity, poverty, or cities not built for exercise) when a weekly shot bypasses that effort? The marketing preys on what we all seem to want and feeds off our aversion to hard work. Promoting drugs as the easy path while discouraging lifestyle changes as “insufficient,” is a type of societal sloth. We could do a lot better.

These sins aren’t accidental—they’re baked into a system that profits from myth-making and the hustle endures. Time to reject the seduction and demand real solutions. Retake your agency. 

Let me leave you with a quote from psychologist Roger McFillin whose Radically Genuine podcast is packed with wisdom and whose understanding of the selling of disease is top notch. He writes mostly about mental health but these words below could apply to any disease.

Tell a man his fate is genetic, and you have accomplished something powerful. You have located the problem somewhere he cannot reach. You have removed his agency. You have made him dependent on a system that will manage his inevitable decline rather than addressing the factors actually killing him. You have created a customer.

Amen to that.

Tyler Durden Tue, 01/27/2026 - 22:35

Canadian Woman Euthanized 'Against Her Will' After Husband Reported 'Caregiver Burnout'

A Canadian woman in her 80s was euthanized 'against her will' through Canada's medical assistance in dying program (MAiD), after her elderly husband told doctors she had changed her mind despite telling an assessor she wanted to live, according to a report released by the Office of the Chief Coroner. 

MAiD allows patients to request a painless death if an assessor agrees that they have a terminal condition which meets certain requirements. While most patients wait weeks for a decision, euthanasia can be performed as soon as the same-day if deemed medically urgent by a MAiD provider. 

According to the report by the Ontario MAiD Death Review Committee, concerns have been raised over questionable deaths. 

In this case, the woman - referred to as "Mrs. B," had complications after a coronary artery bypass graft surgery. After a rapid decline, she opted for palliative care - and was sent home from the hospital for her husband to take care of her. As her condition worsened, the husband struggled to care for her despite visits by nurses. 

After she allegedly expressed her desire for MAiD to her family, her husband called a referral service, the report reads. Yet, Mrs. B told the assessor she 'wanted to withdraw her requests, citing personal and religious values and beliefs," and instead wanted inpatient hospice care. 

When her husband took her to the hospital the next morning, doctors deemed Mrs. B to be stable, but that her husband was "experiencing caregiver burnout." A request by a doctor for in-patient hospice care due to her husband's burnout was denied, after which her husband asked for a second assessor to weigh in, the Daily Mail reports.

After the second assessor judged her to be eligible for MAiD, the original assessor objected - expressing concerns over the alleged "urgency" of the request, and expressing the need for further evaluation. A request to meet with Mrs. B the next day was declined by the MAiD provider, as "the clinical circumstances necessitated an urgent provision." 

Then, a third MAiD assessor agreed with the second one, and Mrs. B was euthanized that evening. 

According to the Coroner's report, several members of a Review Committee "believed the short timeline did not allow all aspects of Mrs B's social and end-of-life circumstances and care needs to be explored," which included "the impact of being denied hospice care, additional care options, caregiver burden, consistency of the MAiD request, and divergent MAiD practitioner perspectives."

"Many members brought forward concerns of possible external coercion arising from the caregiver's experience of burnout and lack of access to palliative care in an in-patient or hospice setting," the report notes. 

Others raised concerns over the fact that Mrs. B's spouse was the primary person advocating and advocating access to MAiD, and there was scant documentation that she actually asked for it herself. 

Dr. Ramona Coelho, a family physician who's on the committee, wrote a scathing review that was deeply critical of Mrs. B's case, arguing that the focus should have been "on ensuring adequate palliative care and support for Mrs B and her spouse."

Dr Ramona Coelho

"Hospice and palliative care teams should have been urgently re-engaged, given the severity of the situation. 

"Additionally, the MAiD provider expedited the process despite the first assessor's and Mrs B's concerns without fully considering the impact of her spouse's burnout," her letter continues. 

According to some, Canada has an assisted dying crisis. As the Epoch Times notes; 

Canada’s current approach to assisted suicide, especially in cases involving mental illness, represents such a threshold. Recent federal data indicate that more than 16,000 assisted suicide cases are approved annually in Canada, with an increasing proportion involving individuals with mental health challenges. This trend highlights the urgent need for policy reassessment and underscores the critical importance of addressing this issue.

Tyler Durden Tue, 01/27/2026 - 22:10

Chinese Dissident Sues X, Alleging Wrongful Account Suspension And Possible Foreign Pressure

Authored by Michael Zhuang via The Epoch Times,

A New York-based Chinese dissident and political commentator has filed a lawsuit against X Corp., alleging the social media platform wrongfully suspended his account without explanation and may have acted under foreign political pressure.

Wilson Lei Chen, a U.S. citizen who is also known as Chen Pokong on his podcast, filed the suit in the New York State Supreme Court in December. On Jan. 5, the case was moved to federal court and is now pending in the U.S. District Court for the Southern District of New York, according to Chen’s Jan. 12 press statement, which The Epoch Times viewed on Jan. 26.

According to Chen’s complaint, X permanently suspended the political commentator’s account on Feb. 15, 2023, without prior notice or a detailed explanation. Chen alleges that despite filing multiple appeals, he received only automated responses citing unspecified violations of platform rules.

Before the suspension, Chen’s account, active since 2010, had approximately 150,000 followers.

He used the platform to comment on Chinese politics, promote democratic values, and direct followers to his YouTube channel, which has more than 450,000 subscribers, the complaint states.

Chen claimed that X did not adhere to its own terms of service, which, according to him, mandate notice, an explanation, and a fair review process prior to any permanent enforcement action. The lawsuit alleges breach of contract, deceptive business practices under New York law, and tortious interference with business relations.

The complaint also raises broader concerns about possible foreign political influence. Chen, a longtime critic of the Chinese Communist Party (CCP), said that his suspension may have resulted from coordinated reporting campaigns or political pressure aimed at silencing overseas dissidents.

The filing cites U.S. officials and media reports documenting CCP-linked online influence and harassment campaigns targeting the regime’s critics outside of China.

Chen said the suspension from X caused significant professional and financial harm, including lost audience engagement, reduced income, and damage to his reputation, according to his press statement. He is seeking reinstatement of his account, transparency of X’s moderation decision, and compensatory and punitive damages exceeding $2 million.

X Corp. has not publicly responded to the lawsuit.

The company did not respond to The Epoch Times’ request for comment by publication time.

Chen said the case raises broader public-interest concerns about potential external or foreign pressures that may affect how online platforms handle content moderation involving political speech, criticism of foreign governments, and transnational repression. Accordingly, he intends to pursue the matter through the courts.

Tyler Durden Tue, 01/27/2026 - 21:45

Even The Biden Admin Investigated Ilhan Omar's Shady Personal Finances

According to financial disclosures filed last year, Rep. Ilhan Omar’s net worth has surged in recent years. Omar reported that her husband held stakes valued between $6 million and $30 million in a venture capital firm and a winery. That sudden and dramatic increase in wealth has now drawn scrutiny. House Oversight Committee Chairman James Comer (R-Ky.) plans to open an investigation into how such a meteoric rise occurred so quickly, and she is also under criminal investigation by the Department of Justice.

The existence of the federal probe became public after President Donald Trump mentioned it in a Truth Social post on Monday. Trump wrote, “the DOJ and Congress are looking at ‘Congresswoman’ Illhan Omar, who left Somalia with NOTHING, and is now reportedly worth more than 44 Million Dollars. Time will tell all.”

Omar dismissed Trump’s announcement in a post on X. 

“Sorry, Trump, your support is collapsing and you’re panicking,” she wrote. “Right on cue, you’re deflecting from your failures with lies and conspiracy theories about me. Years of ‘investigations’ have found nothing. Get your goons out of Minnesota.”

Others are accusing Trump of weaponizing the Justice Department against his political enemies.

“The Justice Department’s ‘investigation’ of Representative Omar, a longtime critic of President Trump, looks suspiciously like a continuation of Trump’s revenge campaign against Minnesota’s elected officials and anyone else who disagrees with him,” claimed Christina Harvey, executive director of Stand Up America.

However, Omar’s shady personal finances even caught the attention of the Biden Justice Department back in 2024.

According to a New York Times report, federal prosecutors launched an investigation into Omar that scrutinized her personal finances, campaign spending, and contacts with a foreign national. 

The investigation began in June 2024, with federal prosecutors working alongside the Justice Department’s public integrity unit. Investigators examined Omar’s financial disclosures, campaign records, and other relevant documents. The inquiry reportedly slowed after agents said they found no evidence that required further action. There are fresh doubts about that explanation, as Omar’s disclosures show a sudden rise in high-value assets connected to her husband’s business ventures, raising new questions about their legitimacy. Most of the reported wealth comes from two sources: a winery in Santa Rosa, California, and a venture capital firm in Washington, D.C.

The winery, listed as eStCru LLC, jumped in reported value from $15,000–$50,000 in 2023 to $1 million-$5 million the following year. Rose Lake Capital showed an even more dramatic spike. The firm went from having just $42.44 in its account in late 2022 to a reported value of up to $25 million by 2024, according to Omar’s financial disclosure. 

Omar’s husband, Tim Mynett, co-founded Rose Lake Capital in 2022 with Will Hailer as part of a network of companies he controls. The sharp increase in money and lack of a public track record raised suspicions among associates, who alerted federal investigators. 

This is not the first time Omar’s shady finances have come under scrutiny.

Omar has previously faced multiple allegations related to her finances and campaign funds. A 2019 investigation by the Minnesota Campaign Finance Board examined complaints that she used nearly $6,000 in campaign funds for personal expenses, including payments to her divorce attorney and travel, and was ordered to reimburse her campaign. That same year, Minnesota campaign finance officials found that Omar filed joint tax returns in 2014 and 2015 with Ahmed Hirsi while she was still legally married to another man.

House Oversight Chair James Comer told the New York Post he plans to launch an investigation into what caused the dramatic spike in Omar's net worth. 

“We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee, one of the two,” Comer said. 

“There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” Comer added. “It’s not possible. It’s not. I’m a money guy. It’s not possible.”

A law enforcement source also confirmed the criminal investigation.

“We are investigating all politicians potentially connected to any of this [fraud] in Minnesota. You can read between the lines,” the source said. 

Tyler Durden Tue, 01/27/2026 - 21:20

UPS Won't Resurrect MD-11 Fleet After Deadly Crash, Takes $137M Charge

Authored by Eric Kulisch via FreightWaves.com,

UPS has decided to permanently retire its fleet of 27 MD-11 aircraft and take a $137 million after-tax write off instead of returning the widebody freighters to service even if they are cleared to fly again by aviation authorities following the crash of one of its planes in early November.

The express delivery and logistics giant began a phased drawdown of the aging tri-engine aircraft, but said on Tuesday that it has accelerated the retirement plan and will replace the aircraft with more efficient twin-engine Boeing 767-300 cargo jets.

The MD-11s have been parked since Nov. 8, when the Federal Aviation Administration ordered UPS, FedEx and Western Global Airlines to ground their MD-11 fleets until inspections and any potential corrective steps can be completed in the wake of the fiery crash of UPS MD-11 in Louisville, Kentucky, that killed 15 people. Investigators are focusing on why the engine and engine pylon, which was discovered to have structural fatigue cracks, separated from the left wing as the plane moved down the runway. 

UPS compensated for the loss of MD-11 capacity during the fourth-quarter peak season by repositioning some aircraft from other parts of the world to the United States, moving more packages by truck and leasing aircraft from partner airlines. The ability to meet demand with alternative capacity convinced management to discard the MD-11s, said Chief Financial Officer Brian Dykes during an earnings call with analysts.

“Over the next fifteen months, we expect to take delivery of 18 new Boeing 767 aircraft, with 15 expected to deliver this year. As new aircraft join our fleet, we will step down the leased aircraft and associated expenses. We believe these actions are consistent with building a more efficient global network positioned for growth, flexibility and profitability,” he said.

UPS incurred $50 million in extra costs for other airlines to supply and operate aircraft in the company’s network during the second-half of the fourth quarter and expects to spend $100 million on outsourced capacity this year, Dykes said. Most of the spending for outside airlift will occur in the first half of 2025, when five 767s are expected to be delivered by Boeing. 

The MD-11 has a maximum payload of more than 207,000 pounds, with space for 26 containers on the main deck and 13 in the lower hold. The B767 is smaller, with a 132,000-pound payload capability and room for 24 large containers and seven lower-deck shipping units. It also has a shorter range.

FedEx has said it anticipates its fleet of MD-11 freighters to return to service sometime after March, but there has been little indication from regulators so far about the progress of inspections.

Aviation analysts say it may not be worth bringing back the MD-11s if regulators determine that extensive repairs are required to make them safe. 

Boeing issued a service bulletin 14 years ago in which it disclosed four previous separations of an attachment that helps hold engines to the MD-11’s wing, according to a National Transportation Safety Board report earlier this month. 

Tyler Durden Tue, 01/27/2026 - 20:55

China's Largest Oil Producer Suspends Purchases Of Venezuela Oil

Chinese state-owned giant PetroChina, Asia's largest oil and gas producer, which hasn’t bought Venezuelan crude since the U.S. imposed sanctions on Venezuela in 2019, is not too keen to start buying again after the U.S. authorized global traders to market the crude from the world’s biggest reserves holder, OilPrice reports.  

PetroChina has told traders not to buy or trade Venezuela’s oil - a trade that is now under U.S. control after the capture of Nicolas Maduro, trading sources with knowledge of the matter told Reuters on Tuesday.  

The Chinese oil and gas giant stopped imports of Venezuelan crude in 2019, when the first Trump Administration slapped sanctions on Venezuela’s oil sector, for fear of running afoul of the restrictions. Before the 2019 sanctions, PetroChina was the single biggest buyer of crude from Venezuela.

Now PetroChina is refraining from buying crude marketed by the world’s top oil trading houses – with U.S. blessing – as it assesses the situation, according to Reuters’ sources.  

One reason is the concern that the U.S. controls the oil from Venezuela, another is that the offers aren’t competitive compared to other supplies of heavy crude, including from Canada, the sources told the publication.

The discount of Venezuela’s flagship crude grade Merey relative to Brent has narrowed by about $10 per barrel since the ousting of Maduro.

Vitol, the world’s biggest independent oil trader, is offering Venezuelan crude to Chinese refiners at a discount that’s three times narrower compared to the illicit sales from Venezuela before Maduro’s ousting, anonymous traders with knowledge of the development told Bloomberg last week.

Vitol has recently offered cargoes of Venezuela’s flagship Merey heavy sour crude grade to China at a discount of $5 per barrel to ICE Brent, according to Bloomberg’s sources.

This compares with a discount as wide as $15 a barrel to ICE Brent on a delivered basis before the U.S. blitz in Venezuela and the capture of Maduro.

Meanwhile, Chinese independent refiners, which gorged on cheap sanctioned Venezuelan crude in the past few years, are likely welcoming what could be their last imports of sanctioned Venezuelan oil, which loaded before the U.S. blockade.  

Tyler Durden Tue, 01/27/2026 - 20:30

Tucker Carlson Presses Peter Schiff On Bitcoin As A New Global Reserve Currency

Authored by Christina Comben via CoinTelegraph.com,

In a new interview with US media personality Tucker Carlson, gold advocate Peter Schiff renewed his attack on Bitcoin and the broader crypto industry.

Speaking on Carlson’s show, he argued that Bitcoin is a speculative instrument with “no actual use” and warned that proposals for a US strategic reserve amount to a taxpayer‑funded bailout for early adopters. 

Schiff also spent much of the conversation attacking official inflation data and fiscal policy, telling Carlson that Americans are “being lied to” about inflation, and arguing that the government changed the Consumer Price Index so that it could blame the private sector for the higher cost of living, when it was “simply raising prices in response to inflation.”

He singled out President Donald Trump’s signature Big Beautiful Bill as “the worst thing that we’ve done under Trump,” and argued that the legislation not only preserved all the deficit spending under President Joe Biden, but “made it worse” by “increasing government spending” and cutting taxes.

“Complete waste of capital”

Schiff turned to the crypto industry and complained about the US government “promoting” it, which is a “complete waste of capital” and has caused many Americans to “throw their money away” on crypto.

Peter Schiff discusses inflation, gold and Bitcoin. Source: Tucker Carlson

​When Carlson cuts in to ask, “Why is it throwing it away?” and why betting on Bitcoin is any different from buying gold or stocks, Schiff answers that BTC has “no actual use” beyond speculation and “the only reason anybody wants to buy it” is that “they think the price is going to go up.” “That is the sole source of demand,” he said. 

He added that people who “made money in crypto” only did so because “the crypto that they bought a long time ago went way up,” not because they produced anything of value, or made people’s lives better. 

“How’s that different from buying gold? You’re not making anything. You’re not making anyone’s life better,” Carlson interjects, to which Schiff replies:

“There’s a big difference… [Bitcoin] is never going to earn money in the future. It is a non-income-producing digital asset. It’s got nothing in common with gold.”

Bitcoin: The new global reserve currency?

​Summarizing Schiff’s arguments about the state of the global economy and the decline in purchasing power of the US dollar, Carlson asks why Bitcoin could not become the next global reserve asset as confidence in the dollar erodes.

Schiff dismisses that idea outright, claiming that a Bitcoin strategic reserve is really just a “Bitcoin bailout fund,” trying to use taxpayer money, and alleging that some early holders “were able to pay off a bunch of politicians and get them to support Bitcoin.”

​He argues that both BTC and fiat currencies are ultimately faith‑based, but that central banks cannot rely on Bitcoin because it has no non‑monetary demand and would collapse if they ever tried to liquidate it at scale. 

By contrast, he calls gold “real money” and “a valuable commodity” used in jewelry, aerospace, consumer electronics and medicine, and says that tokenized, fully backed gold on blockchains can deliver internet‑native payments without creating inflation or relying on ever‑rising token prices.

The price of gold has been on a tear lately, reaching a new all-time high over $5,000 an ounce on Monday, amid rising global trade tensions, while the Bitcoin price fell briefly below $86,000, signaling a sharp divergence as the precious metal surged 17% in January.

Tyler Durden Tue, 01/27/2026 - 20:05

Government Steams Towards Partial Shutdown Amid Democrat Demands Over ICE

As a Friday deadline approaches for a partial government shutdown, Republicans are backed into a corner following national uproar over two deadly ICE shootings by federal agents in Minneapolis amid growing concern over the agency's tactics. 

Senate Majority Leader John Thune (R-SD) plans to move forward with a six-bill spending package, which includes funding for the Department of Homeland Security (DHS) which runs ICE. Democrats are insisting that R's drop the DHS language from the package, however Republicans are refusing to do so. 

The House-passed bill would allocate another $10 billion for ICE on top of the $76 billion the agency is already slated to receive over four years from the One Big Beautiful Bill Act, which was signed into law last year. 

Right now Trump is focusing on "de-escalatory measures," as one administration official tells Punchbowl News. To that end, the admin has already demoted Gregory Bovino, the CBP official in charge of Minneapolis operations - who's been replaced by border czar Tom Homan. Trump also spoke by phone with Minnesota Gov. Tim Walz and Minneapolis Mayor Jacob Frey on Monday. Meanwhile, DHS Secretary Kristi Noem has agreed to testify before the Senate Judiciary Committee after months of refusing to do so. According to Punchbowl, Noem "has a real problem on both sides of the aisle on the Hill," and her top aide, Corey Lewandowski, met with Trump for two hours on Monday night. 

Polymarket odds of a shutdown by Jan. 31 (Saturday) are now hovering around 79%. 

Democrats Are Still A No

Senate Democrats - who are vowing to block the funding if it includes the DHS language, say the proposals being floated the the White House and Senate Republicans are unrealistic, and they're a 'no' until they see significant reforms to the conduct of federal immigration officers in Minneapolis and other cities - including prohibiting them from wearing masks during federal operations and requiring judicial search warrants before entering a suspect's home. 

On Monday, Senate Democratic Leader Chuck Schumer (D-NY) announced that Democrats will gladly speed through procedural obstacles to pass the funding package as long as it doesn't include DHS funding.

"If [Senate Majority Leader John Thune (R-S.D.)] puts those five bills on the floor this week, we can pass them right away. If not, Republicans will again be responsible for another government shutdown," said Schumer. 

Of note, stripping the DHS / ICE funding from the FY2026 package would require a new vote in the House, which is on recess this week - so there would be a short-term shutdown at minimum. 

GOP congressional leaders and the White House are desperate to avoid a scenario in which the funding package has to go back to the House, which explains their opposition to splitting off the DHS bill.

Here’s the concern gripping the top levels of the Trump administration — the House simply can’t pass another DHS funding bill under any circumstances.

Even if Trump were to cut a deal with Democrats that can get through the Senate, House Republicans believe they can’t round up 218 votes to pass a rule to get it on the House floor. Or alternatively, find 290 lawmakers willing to pass it under suspension of the rules. Republicans just don’t believe there’s a coalition in the House that can pass another DHS bill.

That’s why Trump has been focused on “de-escalatory measures,” as one administration official told us, a first step toward placating Democrats. -Punchbowl News

The Senate is expected to hold an initial vote to advance the package on Thursday, the day before Friday's deadline. 

Republican Lawmakers Scramble

Following the incidents in Minnesota, Republican lawmakers in both chambers began calling for a thorough investigation into Saturday's shooting, and have asked the Trump administration to immediately ease tensions in Minneapolis. 

"If I were President Trump, I would almost think about, ‘OK, if the mayor and the governor are going to put our ICE officials in harm’s way and there’s a chance of losing more innocent lives, then maybe go to another city," said Rep. James Comer (R-KY), chairman of the House Oversight and Government Reform Committee in a Sunday comment to Fox News' Maria Bartiromo. 

Sen. Ted Cruz (R-TX) called for "everyone" to "ratchet the anger down," while noting that the two US citizens "who have been killed in confrontations with law enforcement" were "from all appearances ... not violent criminals," The Hill notes. 

Sen. Rand Paul (R-KY) who chairs the Senate Homeland Security Committee, sent letters to the heads of CBP, ICE, and US Citizenship and Immigration Services on Monday calling on them to testify on Feb. 12 before his committee. 

How Far Will Dems Push?

While Democrats currently appear to have the upper hand in this fight, Punchbowl asks how far should they push it? While specific targeted policy changes and reforms are likely to gain traction with the White House - which is desperate to get past the moment, calls to "abolish ICE" will be ignored.

There’s also the obvious risk for Democrats: The political fallout from triggering a partial government shutdown just a couple of months after instigating a record 43-day funding lapse. And for DHS, this would hit FEMA at a time when much of the country is dealing with the aftermath of a severe winter storm. The Coast Guard and TSA are under DHS too. Plus, ICE would be funded anyway because of the cash infusion it got from the GOP’s One Big Beautiful Bill last year. -Punchbowl

Then there's the Pentagon, Labor, Transportation, and HUD departments which would be directly affected by the shutdown. The risk for Democrats is that Trump makes concessions on ICE but Democrats continue to 'resist.'

Tyler Durden Tue, 01/27/2026 - 19:10

Patel Says FBI Has Discovered Groups Funding Minnesota Protests

On Monday, FBI Director Kash Patel on Tuesday confirmed that the bureau is investigating groups that are believed to be organizing protests against ICE officials in Minneapolis, as daily demonstrations throughout the city continue.

People march and gather near the post office during a protest, Sunday, Jan. 18, 2026, in Minneapolis. AP Photo/Yuki Iwamura

Patel also said the bureau has made progress investigating groups that are allegedly funding the demonstrations. 

"We’ve got also investigations ongoing into the funding of this. We’ve made substantial progress," he said. "We’ve actually found groups and individuals responsible for funding it ‘cause it’s not happening organically."

FBI Director Kash Patel Announces They've IDENTIFIED Funders Of The Left-Wing Terrorist Groups Attacking ICE In Minnesota, ‘This Isn’t Organic’

“We've got also investigations ongoing into the funding of this. We've made substantial progress. We've actually found groups and… pic.twitter.com/pDV7EIInE5

— Benny Johnson (@bennyjohnson) January 26, 2026

Patel also said four people were arrested earlier this month after a federal vehicle was broken into in Minneapolis, and another person was arrested on Sunday.

"In a vehicle, we discovered not just [FBI] firearms, which thankfully we recovered, but also personal information about law enforcement," Patel told Johnson. "That personal information was being used on the ground to issue threats of life to FBI agents, along with their wives and their children. There are going to be more arrests on that same matter, today and tomorrow. We’re not done."

As the Epoch Times notes further, the FBI last week announced it would be offering a reward of up to $100,000 for information leading to the arrest and capture of individuals who allegedly stole government property out of an FBI vehicle.

This comes after the Department of Homeland Security (DHS) said a protester, Alex Pretti, was shot and killed after he approached Border Patrol officers with a 9 mm semiautomatic handgun. Officials did not specify whether Pretti brandished the gun (he did not).

Videos from the scene circulating on social media appear to show Pretti holding an object in his hand as he struggles with agents. The man’s family said in a statement shared by Sen. Bernie Sanders (I-Vt.) that Pretti was “clearly not holding a gun” but instead had “his phone in his right hand, and his empty left hand is raised above his head.

Earlier this month, Renee Good was shot and killed by an ICE officer in Minneapolis on Jan. 7. Videos show she was driving her Honda Pilot toward the officer when he fired at her. Federal authorities said the officer was struck by the vehicle and hospitalized with internal bleeding.

The Trump administration has defended the ICE agent involved in the shooting, saying his life was at risk. Local and national Democratic officials say both shootings were unjustified and have now warned they could move to shut down the federal government before a Jan. 30 funding deadline if funding for DHS, the agency that oversees ICE, is included in the package.

“Democrats sought common sense reforms in the Department of Homeland Security spending bill, but because of Republicans’ refusal to stand up to President Trump, the DHS bill is woefully inadequate to rein in the abuses of ICE,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement on Saturday. “I will vote no.”

Former Presidents Barack Obama and Bill Clinton also decried the shooting of Pretti, with Obama claiming it’s a sign that “many of our core values” are “increasingly under assault.” In a statement Sunday, Clinton also offered critical comments about the Minneapolis operation and condemned the events leading to Pretti’s death.

President Donald Trump wrote on Truth Social on Jan. 26 that he had spoken with Minnesota Gov. Tim Walz, a Democrat, and told Walz that “I would have (Border Czar) Tom Homan call him, and that what we are looking for are any and all Criminals that they have in their possession.” Walz on Monday confirmed he spoke with Trump.

Tyler Durden Tue, 01/27/2026 - 18:50

Tether Launches USAT, A Federally Regulated, Dollar-Backed Stablecoin For The US Market

Authored by Micah Zimmerman via BitcoinMagazine.com,

Tether, the world’s largest digital asset company by stablecoin circulation, announced Tuesday the official launch of USA₮, a federally regulated, dollar-backed stablecoin designed specifically for use in the United States under the recently enacted GENIUS Act.

USA₮ is issued by Anchorage Digital Bank, N.A., a federally chartered U.S. bank and one of the first institutions approved to issue payment stablecoins under the new law, Tether said.

The launch marks Tether’s first stablecoin built to operate fully within the U.S. regulated financial system, following years of regulatory scrutiny around offshore-issued dollar tokens.

The debut follows the company’s announcement late last year detailing the token’s design and naming former White House Crypto Council Executive Director Bo Hines as CEO of Tether USA₮. With Tuesday’s rollout, USA₮ is now available to U.S. users seeking a dollar-backed token that complies with federal banking and stablecoin rules.

The GENIUS Act established the first nationwide framework governing stablecoins marketed to U.S. users, requiring full reserve backing, bank or qualified issuer status, and ongoing regulatory supervision. Under the law, offshore-issued stablecoins that do not meet these standards face restrictions across U.S.-regulated exchanges, banks, and payment platforms.

USA₮ is structured to meet those requirements. According to the company, Cantor Fitzgerald will serve as the stablecoin’s designated reserve custodian and preferred primary dealer, providing transparency and oversight of reserves from launch. 

Anchorage Digital Bank will handle issuance, compliance, and on-chain settlement infrastructure.

Tether’s dominant role in the crypto space

While Tether’s flagship USD₮ remains the most widely used stablecoin globally, its offshore structure limited its role in the U.S. market under the new law. 

USA₮ allows Tether to maintain USD₮’s international dominance while offering U.S. institutions a regulated alternative tailored to domestic payment and settlement systems.

“This launch represents a new chapter for digital dollars in the United States,” said Paolo Ardoino, CEO of Tether.

“USD₮ has proven at global scale that digital dollars can deliver trust and utility. USA₮ extends that mission with a federally regulated product made in America.”

Bo Hines said the new stablecoin is aimed squarely at institutional users. “USA₮ is designed to meet federal regulatory expectations while delivering stability, transparency, and responsible governance,” he said. “It ensures the United States remains competitive in the evolution of digital money.”

During its initial rollout, USA₮ will be available on platforms including Kraken, Crypto.com, OKX, Bybit, and MoonPay, with additional U.S.-regulated exchanges and banking partners expected to follow.

According to bitcointreasuries.net, Tether holds 96,370 bitcoin, worth roughly $8.6 billion

Tyler Durden Tue, 01/27/2026 - 18:25