Daily Stock Market Report (Wed 28th Jan 2026) - PGH, PAY, CARD, MARS, FRAN

Good morning!
Today is an interest rate decision day, with the Federal Reserve expected to keep rates unchanged at 3.75%.
The path downwards for US interest rates has been a gradual one, but that hasn’t stopped the dollar from hitting its lowest level since March 2022. Here’s the Bloomberg Dollar Spot Index:

The weak dollar and the soaring gold price are easily rationalised in the context of President Trump’s approach to the Fed, and the criminal investigation against Fed Chair Jerome Powell.
After all, Jerome “Jay” Powell’s term ends in May. It’s tempting to think that his successor will lower rates at a much faster pace, with President Trump remaining in office (and presumably demanding lower rates) until 20th January 2029.
That’s not what the markets and professional forecasters are expecting, however: according to a CNBC survey, there will only be two more 0.25% cuts this year, and none are expected yet for 2027.
So the real reasons for the decline of the dollar are perhaps more mundane: runaway fiscal policy, protectionism, and international tensions.
Either way, today’s Fed announcements and press conference may be slightly more interesting than usual, with Powell and...