GREY BRIEFING #23: No new extremes, the market is sorting itself out – Strong start to the year followed by a phase of consolidation

The third trading week of 2026 did not bring any new extremes, and the markets appeared stable. The dynamic start to the year was followed by a period of consolidation, during which capital was not withdrawn from the market but rather reweighted. Movements remained relatively modest, and reactions appeared measured. It was striking that several potentially negative issues were present but did not have a lasting effect. Political pressure on the US Federal Reserve, discussions about tariffs, and geopolitical headlines attracted increased attention at times. At the same time, inflation data provided relief, while TSMC strengthened confidence on the corporate side with very good operating figures. Political headlines dominated again over the weekend. Trump's announcement of new...