Ideas
Yen intervention risk supports USD/JPY watch.
The yen is in focus because of intervention risk and broad dollar weakness. If USD/JPY moves back up, Japanese authorities may intervene aggressively; if market momentum continues, they may not need to physically intervene.
Dollar weakness persists on structural fundamentals.
The dollar is in a broad-based, global decline driven by fundamentals including the current account deficit, large debt problem, and undermining of trading relationships. People are looking to sell the dollar regardless, and the yen turnaround adds another reason, so dollar weakness should persist.
Precious metals benefit from dollar diversification.
Precious metals are a primary beneficiary of the move away from the dollar and US assets. The moves are extraordinary but the fundamental reason remains, making it hard to fight; however, a broad risk-aversion shock could trigger a violent, temporary pullback as investors sell winners to cover losses.
GCC consumer attractive on demographics.
The GCC/Middle East consumer opportunity is attractive because governments have created a pro-business environment away from oil, and demographics are exciting. Sixth Street is opening an Abu Dhabi office and sees opportunities across consumer-related sectors.
Direct lending yields keep compressing.
Direct lending yields are compressing and will likely continue. Large wealth-capital inflows into the space are coming regardless of whether it is a good time to invest, pressuring capital deployment and raising questions about future returns.
Stuck private assets need customized solutions.
There are trillions of dollars of stuck private assets across corporate, real estate, and infrastructure private equity. Solving these requires customized, not off-the-shelf, solutions, making it the biggest opportunity in private equity.
AI demand drives power generation opportunity.
AI hyperscaler demand is significant and will continue, but power is a major constraint as securing power takes longer and is more expensive. Power generation has become a top-of-mind issue in Silicon Valley, and Sixth Street has been investing in it for 20 years.
Hard yen intervention unlikely; yen supported.
A hard yen intervention is unlikely because verbal comments are already supporting the yen. However, the dollar remains depressed due to US uncertainty and geopolitics, which should keep the yen supported.
Dollar stays depressed on weak demand.
Lack of demand for Treasuries also means lack of demand for the dollar. The dollar will remain depressed because of uncertainty in the US and the global geopolitical situation.
Sell America is a bond trade.
The sell-America trade is really in the bond market, not equities. Fiscal spending adds to US debt and pushes long-end yields up, while investors lose faith in Treasuries as a safe haven and substitute gold, reducing demand for Treasuries.
AI equities remain on good footing.
The AI story is still driving equity markets and remains on good footing, with 20% year-on-year growth expected this quarter. The sell-America trade is not about the equity market.
Emerging markets set to rally further.
A weaker dollar environment is similar to the 2025 playbook, which should support emerging-market assets. EM has already done well, but this could be the time for a further breakout and another rally.
Metals supported by uncertainty and AI demand.
Precious metals are the only game in town amid uncertainty, with money flowing into gold, silver, palladium, and platinum; copper is another destination. AI data-center demand provides an underlying floor, making a return to old lows unlikely.
This Bloomberg Markets video, published January 26, 2026,
features Mark Cudmore, Alan Waxman, Ayesha Tariq
discussing USD/JPY, USD, GLD, SILVER, GCC consumer sector, BIZD, PSP, XLU, Long-end US Treasuries, AI equities, EEM, PPLT, PALL, COPPER.
13 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Mark Cudmore,
Alan Waxman,
Ayesha Tariq
· Tickers:
USD/JPY,
USD,
GLD,
SILVER,
GCC consumer sector,
BIZD,
PSP,
XLU,
Long-end US Treasuries,
AI equities,
EEM,
PPLT,
PALL,
COPPER
