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Today, January 28, 2026, President Trump has been making headlines for his comments regarding the weakening U.S. dollar and his broader economic performance during a series of appearances in the Midwest.

​His remarks have sent ripples through global markets, particularly affecting currency and gold prices. Here is the breakdown of what he said and its impact:

​1. "The Dollar's Doing Great" (Even Though It’s Dropping)

​Despite the U.S. dollar hitting a four-year low this week, Trump dismissed concerns about its decline.

​The Quote: When asked if he was worried about the currency’s slide, he told reporters, "No, I think it’s great. Look at the business we’re doing. The dollar’s doing great."
​Market Reaction: Traders interpreted "it's great" as a signal that the administration prefers a weaker dollar to make U.S. exports more competitive. This triggered further selling of the dollar, causing it to drop another 0.2% this morning.

​2. Touting Stock Market Record Highs

​Speaking at a rally in Clive, Iowa, yesterday and continuing the message today, Trump shifted focus to the equity markets to counter criticism over recent geopolitical tensions.

​Claims: He hailed the current record highs in the stock market as proof that his "tax cuts and tariffs" are working.
​The "Rich People" Comment: In his signature style, he remarked, "I made a lot of people rich that I don’t even like… I’ve doubled their net worth."

​3. Attack on the Federal Reserve

​As the Federal Reserve meets today for its first interest rate decision of 2026, Trump has ramped up pressure on Chairman Jerome Powell.

​He has publicly demanded rate cuts, despite the Fed's traditional independence.
​Markets are on edge because his comments come amid a backdrop of a Department of Justice investigation into Powell regarding central bank headquarters renovations, which many investors view as political pressure.

​4. Housing and "Affordability"

​Trump also highlighted a recent Executive Order aimed at the housing market.

​He claimed he is "making it easier to buy a house" by banning large institutional investors (Wall Street firms) from buying up single-family homes.
​He dismissed the word "affordability" as a "fake word" or "hoax" used by Democrats, even as he touted his own policies to lower costs.

​Current Market Snapshot (Jan 28, 2026)

# 1. Technical Analysis: BTC, ETH, and SOL
​The market is currently in a "wait-and-see" phase. Here’s what the charts are telling us:
​Bitcoin (BTC): Currently around $89,200.
​The Zone: We are sandwiched between a "victory" support at $86,500 and psychological resistance at $90,000.
​Trend: While we are below the 50 and 200 EMAs (a bearish signal), the fact that institutional selling has slowed is seen as a win. Analysts have eyes on a "downside target" of $74,000 if $85,000 fails to hold, but a break above $90,000 could re-spark the bull run.
​Ethereum (ETH): Trading near $3,000.
​The Signal: A rare "Global Liquidity Signal" has just flashed. This same pattern preceded the 226% rally in 2021.
​Whale Action: High-net-worth "whales" are in a tug-of-war—some are selling, but network activity (active addresses) is at an all-time high, suggesting massive underlying retail demand.
​Solana (SOL): Holding around $124-$127.
​The Target: Technical indicators like the RSI (at 56.8) show SOL is in "neutral territory." Short-term targets are set at $142–$146. If it breaks the upper Bollinger Band at $143, we could see a quick run to $150 before February.
​## 2. The US "Digital Asset Market Clarity Act"
​The Senate Agriculture Committee, led by Chair John Boozman, just released a heavy-hitting draft of this bill. Here’s what’s actually in it:
​CFTC Power Grab: The bill gives the Commodity Futures Trading Commission (CFTC) direct authority over "spot" (cash) transactions for digital commodities. This is huge because it moves crypto away from the "security" label the SEC often uses.
​The "Meme Coin" Surprise: In a shock move, "meme coins" (like DOGE or PEPE) are being officially classified as "network tokens." This means they would fall under formal regulation rather than being ignored as jokes.
​Stablecoin Exclusion: Interestingly, the bill explicitly excludes stablecoins from CFTC oversight, likely leaving them for the Senate Banking Committee to handle.
​DeFi Win: The text includes protections for non-custodial software developers, ensuring that writing code doesn't automatically make you a "regulated broker."
​## 3. Dubai’s "Pay in Crypto" Landmark
​As of this morning, Dubai Insurance has launched a specialized digital wallet (in partnership with Zodia Custody).
​What it means: UAE residents can now pay car, health, or home insurance premiums directly in BTC and other major tokens.
​The Frictionless Shift: This allows residents to use their digital wealth without the need to "off-ramp" or convert to AED first, which usually incurs bank fees and delays.

The Fed and chairman Jerome Powell face a criminal investigation launched by the president's close ally, Jeanine Pirro.

Federal Reserve Board Chairman Jerome Powell speaks in Washington on Dec. 10, 2025.

The Federal Reserve is expected to hold interest rates steady on Wednesday, when policymakers meet to weigh the state of the labor market and inflation.

In the past, this might have made for a day of very little drama or suspense at the central bank. But not today.

Wednesday’s meeting comes as the Fed and its chairman, Jerome Powell, face a criminal investigation launched by President Donald Trump’s close ally Jeanine Pirro, currently the U.S. Attorney for the District of Columbia.

Powell has accused the White House of using the probe as a pretext to pressure him and the central bank into backing Trump's long sought-after interest rate cuts.

At the same time, the future of the Fed's crucial independence hangs in the balance at the U.S. Supreme Court. There, justices are weighing whether Trump exceeded his authority when he moved to fire Fed Governor Lisa Cook last summer.

As Powell holds the line against the White House's multi-pronged pressure campaign, Trump is actively preparing to unveil his successor. Powell's term as chair ends in May, and Trump says he has whittled down a list of potential nominees to just a few names

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Federal Reserve likely to keep interest rates steady as Powell's clash with the White House takes center stage

The Fed and chairman Jerome Powell face a criminal investigation launched by the president's close ally, Jeanine Pirro.



Federal Reserve Board Chairman Jerome Powell speaks in Washington on Dec. 10, 2025. Saul Loeb / AFP - Getty Images

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Jan. 28, 2026, 2:00 PM GMT+4

By Steve Kopack

Listen to this article with a free account

00:0005:02

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The Federal Reserve is expected to hold interest rates steady on Wednesday, when policymakers meet to weigh the state of the labor market and inflation.

In the past, this might have made for a day of very little drama or suspense at the central bank. But not today.

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Wednesday’s meeting comes as the Fed and its chairman, Jerome Powell, face a criminal investigation launched by President Donald Trump’s close ally Jeanine Pirro, currently the U.S. Attorney for the District of Columbia.

Powell has accused the White House of using the probe as a pretext to pressure him and the central bank into backing Trump's long sought-after interest rate cuts.

At the same time, the future of the Fed's crucial independence hangs in the balance at the U.S. Supreme Court. There, justices are weighing whether Trump exceeded his authority when he moved to fire Fed Governor Lisa Cook last summer.

As Powell holds the line against the White House's multi-pronged pressure campaign, Trump is actively preparing to unveil his successor. Powell's term as chair ends in May, and Trump says he has whittled down a list of potential nominees to just a few names.

So while there may be little suspense around interest rates Wednesday, there is still plenty of drama around this meeting.

Interest rates

‘The outcome is all-but a foregone conclusion, wrote JPMorgan Chase chief U.S. economist Michael Feroli. “Fed officials across the spectrum have indicated that after three [0.25%] ‘risk management’ rate cuts, now is a good time to pause and take stock of developments.”

In recent months, the labor market has appeared to slow, although experts are debating the degree to which it has cooled.

After contracting by 173,000 jobs in October, the labor market added only 56,000 jobs in November and 50,000 jobs in December.

But even with a generally weak pace of hiring, the unemployment rate fell to 4.4% in December, from 4.5% the month before. “The most recent jobless claims data suggest layoff activity remains minimal,” Feroli wrote in a client note.

Taken together with the unemployment rate, any broader risks that the labor market will further deteriorate “no longer loom as large as they did last fall," he added.

Inflation, meanwhile, remains well above the Fed’s 2% target, undermining the White House's argument that the central bank needs to lower interest rates in order to turbo-charge the U.S. economy.

After rising to 3% in September, inflation declined to 2.7% in November and held steady in December. But many economists believe those numbers could be somewhat distorted by technical changes to how data was collected last fall, caused by the six-week federal government shutdown.