Global outlook

In the US, the Federal Reserve remains divided following its January 2026 meeting, at which it kept the policy rate unchanged at 3.50%–3.75%. Some officials continue to stress that inflation remains above target and that the labor market is still relatively resilient, arguing for a cautious approach to easing. Others point to slower hiring and moderating growth, supporting the case for further rate cuts. Against this backdrop, and ahead of a leadership transition at the Fed, markets have adjusted expectations – moving away from hopes of rapid easing and now pricing a gradual, data-dependent path for rate cuts in 2026. While the change in leadership adds some uncertainty, it has not shifted expectations toward aggressive easing, as the new chair nominee, Kevin Walsh, is widely seen as favoring policy stability and balance-sheet discipline rather than a strongly dovish approach.

Georgian market
During January 2026, Georgia has successfully refinanced an US$ 500mn Eurobond, while IG Development’s EUR 5mn loval bond (issued in January 2024) matured.