In January, the US Federal Reserve kept the federal funds rate unchanged at 4.25% – 4.50%, while inflation accelerated to 3.00% year-on-year, up from 2.90% in December. The European Central Bank reduced its key interest rates by 25 basis points. The Bank of England did not hold a meeting, but analysts expect it to lower the bank rate to 4.50% in February.

On January 19, the People's Bank of China maintained its one-year benchmark lending rate at 3.10%, as the weakening yuan prevented Beijing from continuing its monetary easing. The Central Bank of Brazil raised the SELIC rate by 100 basis points for the second consecutive time to 13.25% due to rising inflationary pressure, while the Bank of Indonesia lowered its seven-day reverse repo rate from 6.00% to 5.75%.

Retail sales in the US dropped from 4.40% to 4.20% year-on-year in January, while industrial production increased to 2.00%.

The US unemployment rate decreased to 4.00% in January, the lowest since May 2024. The country's total number of unemployed people fell to 6.80M from 6.90M in December. At the same time, average hourly earnings increased by 4.10% over the past year, driven by the rise in minimum wage that came into effect last month.

The US one-year Treasury bond yield has decreased in recent months, aligning with the Federal Reserve's interest rate movements. Meanwhile, the rise in long-term bond yields reflects not current Fed actions but expectations of future actions.

In early January, the DXY Index reached its highest level since November 2022, trading above 109.00. This sharp rise was primarily driven by expectations of protectionist trade policies under President Donald Trump's administration.