Market Minute – Rates and bonds January 2026

The US Fed didn’t disappoint, cutting interest rates in December for the third time in succession. Although little is expected from the ECB or SNB in 2026, in the US the stage is set for an interesting year: There is evidence of a growing split within the Fed, and it remains to be seen whether the new Chair will be able to unite the Committee behind them. We take a look back at developments on interest rate and bond markets in December, as well as turn to market expectations for the months ahead.

What does the current situation mean for investors? Read the views of our experts in the latest edition of “Market Minute”.