Macro Mondays: January 12, 2026 | Andreas Steno and Mikkel Rosenvold - Real Vision Daily Briefing Recap

Podcast: Real Vision Daily Briefing

Published: 2026-01-12

Duration: 36 minutes

Guests: Andreas Steno

Summary

Andreas Steno and Mikkel Rosenvold analyze the current macroeconomic landscape, focusing on the Federal Reserve's independence, U.S. tariff policies, and potential market shifts. Key topics include the performance of precious metals, the dollar's prospects, and surprising moves by the Trump administration.

What Happened

Andreas Steno and Mikkel Rosenvold discuss the recent subpoena of the Federal Reserve by a grand jury, which has heightened tensions between the Trump administration and Jay Powell. Powell publicly reaffirmed the Fed's independence in setting interest rates, which led to a modest market reaction, including a steeper yield curve and positive movement in gold and silver prices.

The duo examines the implications for the U.S. dollar, suggesting that central banks might consider diversifying into gold, especially given the geopolitical uncertainties. Bitcoin and the broader crypto markets could also benefit as investors seek alternatives to fiat currencies.

Donald Trump's proposal to cap credit card interest rates at 10% is seen as an unexpected move for a Republican leader, possibly aimed at boosting economic growth before the midterm elections. This action could influence consumer spending and credit markets in the short term.

Steno and Rosenvold highlight a shift in the stock market, with small caps beginning to outperform large caps and the energy sector showing signs of recovery. This may be driven by investors' search for undervalued opportunities amid rising geopolitical risks.

The RealVision model portfolio is reportedly doing well by capitalizing on themes like a weakening dollar and geopolitical tensions. Foreign investment continues to flow into U.S. assets despite political uncertainties, underscoring the perceived stability of the U.S. market.

Attention is also given to the situation in Iran, where potential economic reopening could present investment opportunities. However, the risks associated with futures trading are emphasized, cautioning that it may not be suitable for all investors.

Key Insights

• A grand jury subpoena of the Federal Reserve has increased tensions between the Trump administration and Fed Chair Jay Powell, leading to a steeper yield curve and positive movement in gold and silver prices.
• Donald Trump's proposal to cap credit card interest rates at 10% is an unusual move for a Republican leader, potentially aimed at stimulating consumer spending and credit markets before the midterm elections.
• Small-cap stocks are beginning to outperform large-cap stocks, with the energy sector showing signs of recovery as investors seek undervalued opportunities amid rising geopolitical risks.
• Despite political uncertainties, foreign investment continues to flow into U.S. assets, highlighting the perceived stability of the U.S. market, while potential economic reopening in Iran presents new investment opportunities.