It's Been A Long Year Already

It's only January 13, but the year has already been jam-packed with lots of head-spinning events. President Donald Trump's administration captured Venezuelan President Nicolás Maduro in a US military operation on January 3, 2026, taking him from his home in Caracas and transporting him to New York to face drug trafficking charges. Trump said he will "run" Venezuela. Trump is threatening "strong" military action against Iran should more demonstrators be killed in nationwide protests against the regime of the Mullahs. The crude oil market rallied on the upheaval in Iran (chart).

Here at home, Trump is threatening to defund sanctuary cities and states that are not cooperating with federal efforts to deport illegal immigrants. The Trump administration's Justice Department is launching a legal probe into Fed Chair Jerome Powell's congressional testimony regarding the renovation cost of the Fed's headquarters. Three former Fed chairs joined a statement supporting Powell, denouncing the investigation as an "unprecedented attempt" to undermine the Fed's independence.