Markets Shifts From Tariffs to Fed & BoJ: 3-Minute MLIV

Watch on YouTube ↗  |  January 22, 2026 at 09:39  |  3:22  |  Bloomberg Markets
Speakers
Skyler Montgomery Koning — Macro Strategist

Summary

Bloomberg's MLIV segment discusses tariff relief, Europe's restrained response, upcoming Fed and BOJ meetings, and market positioning. Skylar Montgomery Koning favors commodities and gold as geopolitical hedges, sees the defense sector benefiting from the changed environment, expects some continuation in dollar and equities, and watches 10-year Treasury yields and yen/JGB risks. The hosts also focus on stale data and central-bank event risk.

  • Tariff relief and Europe's response remain policy-dependent.
  • Skylar favors commodities and gold as geopolitical hedges.
  • Defense sector seen benefiting from geopolitical environment changes.
  • Dollar and equities may continue their post-reversal bounce.
  • Fed meeting and upside data may sustain the 10-year yield break.
  • BOJ likely pauses, but yen and JGB risks shift to fiscal and election factors.
  • GDP and PCI data are viewed as stale and likely glossed over.
Ideas
Skyler Montgomery Koning Macro Strategist 0:38
Expect some dollar and equity continuation.
After the reversal of moves tied to terror threats against US assets, the dollar firmed and equities bounced; she sees some continuation because markets are hesitant to fully price policy outcomes and Trump has tended to back down.
USD Equities LOW
Skyler Montgomery Koning Macro Strategist 0:44
Stay long commodities and gold.
She expects commodities, and gold in particular, to remain supported because geopolitical and terror threats plus central-bank buying create structural tailwinds. Although the gold trade is crowded, she thinks people will continue to play it.
DBC GLD HIGH
Skyler Montgomery Koning Macro Strategist 0:59
Defense sector benefits from geopolitics.
She says the defense sector makes sense in the same broad geopolitical environment, where investors should focus on how the changed environment drives reallocation rather than on precise tariff-rate outcomes.
ITA MED
Skyler Montgomery Koning Macro Strategist 2:21
Watch 10-year yield break higher.
She says the backlog of upside economic surprises and a stronger labor market raise the question of whether the Fed acknowledges that hawkishness, which could sustain the recent break higher in 10-year Treasury yields; Fed chair uncertainty adds relevance.
US10Y LOW
Skyler Montgomery Koning Macro Strategist 3:06
Yen and JGB risks shift to fiscal.
She thinks the BOJ meeting is likely a low-risk pause because Japanese authorities telegraph moves and avoid adding volatility, but that does not eliminate the risk of yen weakness or higher JGB yields; those risks now depend more on fiscal policy and the election than the BOJ.
FXY JGB yields MED
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This Bloomberg Markets video, published January 22, 2026, features Skyler Montgomery Koning discussing USD, Equities, DBC, GLD, ITA, US10Y, FXY, JGB yields. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Skyler Montgomery Koning  · Tickers: USD, Equities, DBC, GLD, ITA, US10Y, FXY, JGB yields