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Inflation Cools to 2.4% in January, Beating Expectations as 2026 Begins

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American consumers received welcome news to start 2026 as inflation slowed more than anticipated in January, offering fresh optimism about the economy’s trajectory and easing concerns about rising prices that have plagued households for years.

The Bureau of Labor Statistics reported Friday that the Consumer Price Index rose just 0.2% in January from the previous month, with annual inflation declining to 2.4% from December’s 2.7%. The figures came in below economist expectations of a 0.3% monthly increase and 2.5% annual rise, marking encouraging progress in the ongoing battle against elevated prices.

Core Inflation Hits Multi-Year Low

Perhaps most significantly, core inflation—which strips out volatile food and energy costs to reveal underlying price trends—registered its slowest annual increase since March 2021. Core prices climbed 2.5% over the past year while rising 0.3% month-over-month, both meeting expectations but signaling sustained moderation in inflationary pressures.

The positive inflation data represented the second encouraging economic report this week. Wednesday’s employment figures showed unemployment ticking downward while payrolls expanded at double the anticipated pace, suggesting the economy remains resilient even as price pressures ease.

Economic analysts noted that the softer-than-expected reading was particularly noteworthy given historical patterns. Recent years have typically seen inflation spike unexpectedly in January due to residual seasonal factors and delayed price adjustments stemming from pandemic-era disruptions. The absence of these typical January surprises suggests that tariff-induced price increases on goods may be largely complete, offering hope for more stable pricing ahead.

Despite the overall positive trends, certain categories continue challenging household budgets. Food prices climbed 2.9% annually, with cereals and bakery products jumping 1.2% in January alone. Coffee and beef prices remained especially elevated throughout the past year, though beef and veal saw a modest 0.4% monthly decline. Egg prices, another closely watched staple, dropped 7% after surging in recent months.

Energy costs provided significant relief, falling 1.5% in January as fuel oil plunged 5.7% and gasoline decreased 3.2%. The national average for regular gasoline now sits at $2.94, down from $3.16 a year ago, according to AAA data.

Housing costs, the largest component of most household budgets, rose 0.2% monthly and 3% annually. While still elevated, the shelter index increased at half December’s pace, potentially signaling improvement ahead for renters and homeowners alike.

Analysts had closely watched January’s data for signs of tariff-related price increases following President Trump’s sweeping levies implemented last year. While some tariff-sensitive categories showed increases—apparel rose 0.3%, video and audio products jumped 2.2%, and computers climbed 3.1%—the overall impact appeared muted.

Economic forecasters had anticipated that core goods prices would accelerate from December levels due to increased tariff pass-through effects and typical seasonal patterns that push January inflation higher. However, the fact that core goods prices remained unchanged in January suggests that tariffs and unseasonably large price hikes were not significant drivers of the monthly inflation reading.

One notable exception: airline fares surged 6.5% monthly, meaning travelers may want to consider road trips over flights in the near term. Used car prices, meanwhile, slid 1.8%, offering potential savings for vehicle shoppers.

The cooler-than-expected inflation data strengthens the case for continued economic stability as 2026 unfolds, though Federal Reserve policymakers will carefully monitor upcoming reports before making decisions about interest rates.

US Budget Deficit Narrows in January as Revenue Growth Outpaces Spending

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The US government posted a $95 billion budget deficit in January, marking a sharp improvement from the same month a year earlier as revenue gains — including a surge in customs duties — outpaced modest growth in federal spending.

According to data released by the Treasury Department, January’s deficit was $34 billion lower than in January 2025, a decline of 26%. After adjusting for routine calendar-related payment shifts, including benefit disbursements affected by weekends and holidays, the deficit would have been just $30 billion — a 63% drop from the comparable period last year.

Government receipts totaled $560 billion in January, an increase of $47 billion, or 9%, compared with a year earlier. Meanwhile, federal outlays reached $655 billion, up $13 billion, or 2%. Both receipts and spending set records for the month of January, reflecting the continued expansion of the federal government’s revenue base and spending obligations. Despite the record figures, the deficit itself was not a record for the month.

The narrowing gap reflects stronger revenue performance relative to spending growth, a dynamic that has also carried into the broader fiscal year. Through the first four months of fiscal 2026, which began October 1, the deficit totaled $697 billion — down $143 billion, or 17%, from the same period in fiscal 2025.

Year-to-date receipts have climbed to $1.785 trillion, up 12% from the prior year period, while outlays have increased more modestly, rising 2% to $2.482 trillion. Both figures represent records for the first four months of a fiscal year, though the cumulative deficit is not historically unprecedented.

A significant driver of the revenue increase has been a surge in customs duties tied to tariffs implemented under President Donald Trump. Net customs receipts totaled $27.7 billion in January, roughly in line with December levels and only slightly below the approximately $30 billion monthly pace recorded late last year. By comparison, customs duties in January 2025 — before the administration’s tariff measures were announced — stood at just $7.3 billion.

On a fiscal year-to-date basis, net customs duties have reached $117.7 billion, a dramatic rise from $28.2 billion during the same period last year. The sharp increase underscores the growing role tariffs are playing in federal revenue collection.

Another factor contributing to January’s improved deficit figure was a rare decline in Treasury interest payments. Interest outlays on the public debt fell by $12 billion to $72 billion for the month. Treasury officials attributed the drop to technical adjustments related to inflation-linked securities, with some payments affected by last year’s government shutdown and delayed consumer price index data.

However, despite the January dip, interest costs remain elevated overall. Through the first four months of fiscal 2026, interest payments on the national debt have totaled $426 billion — a record for that period and up 9% from a year earlier.

While January’s improved deficit provides a measure of fiscal relief, the broader picture remains complex. Revenues are rising at a healthy pace, aided in part by tariffs, but interest costs continue to consume a growing share of federal spending. Whether the current trend of revenue outpacing spending can be sustained will depend on economic growth, inflation trends, and future policy decisions in Washington.

Navigating the U.S. Regulatory & Legal Maze – Key Considerations for European Buyers

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The strategic allure of the U.S. Healthcare and Life Sciences (HCLS) market—as detailed in our previous installments—is undeniable. However, for a European acquirer, the transition from “Strategic Intent” to “Value Realization” requires successfully navigating a regulatory landscape that is currently undergoing its most significant shift in decades. In 2026, the complexity of this “maze” has intensified, driven by a post-shutdown FDA backlog, a new era of “relative” data privacy standards, and aggressive national security oversight.

To preserve deal value, European buyers must move beyond traditional check-the-box compliance and adopt a multidisciplinary approach to regulatory due diligence.

The “Regulatory Velocity” Hurdle: Navigating the Post-Shutdown FDA

The 43-day U.S. federal government shutdown from October 1 to November 12, 2025, created a significant “bow wave” of administrative delays that continues to impact 2026 product launch timelines. While the FDA has resumed full operations, the “review clock” for many pending 510(k) and PMA submissions was effectively frozen for over a month, as the agency lacked the legal authority to accept new user-fee-bearing applications during the lapse.

For an investment  banker or operational expert, this isn’t just a compliance issue—it’s a valuation variable. European buyers must now conduct “Regulatory Velocity Diligence.” It is no longer enough to confirm that a target has a clean filing; you must assess where that filing sits in the current backlog. It is critical to differentiate between submissions funded by “Carryover User Fees”—which may have continued to move—and those reliant on “New Appropriations” that stalled. A delayed 510(k) or PMA approval can shift a valuation model by six to twelve months, fundamentally altering the deal’s ROI.

Data Governance: The New “Relative” Standard (GDPR vs. HIPAA)

Transatlantic data transfers have long been the “third rail” of HCLS M&A. However, a landmark September 4, 2025, ruling by the Court of Justice of the European Union (CJEU) in EDPS v. SRB has introduced a strategic “middle path” for European acquirers.

The court confirmed the concept of “Relative Personal Data.” In practice, this means that sufficiently pseudonymized data may be considered “personal data” for the U.S. seller (who holds the key) but not for the European recipient, provided the recipient cannot reasonably re-identify the individuals.

This is a massive win for M&A efficiency. European firms can now conduct more granular R&D and clinical trial diligence on U.S. assets without immediately triggering full GDPR liability, provided that strict technical and contractual “anti-identification” measures are in place. This “Privacy by Design” approach allows for faster integration of R&D pipelines while remaining compliant with both the EU’s strict privacy mandates and the U.S. HIPAA framework.

Beyond HIPAA: The State-Level Patchwork

While HIPAA provides a federal floor for data protection, European buyers often underestimate the complexity of state-level privacy laws. States like Texas have increasingly utilized their own statutory frameworks—such as the Texas Data Privacy and Security Act—to enforce standards that can overlap or even conflict with federal guidance.

For an Attorney, the risk lies in the “most restrictive” standard. If a target operates in multiple states, the integration team must ensure that data governance policies satisfy the most aggressive state regulator, not just the federal baseline. In the current 2026 climate, state-level enforcement is a primary driver of post-close litigation risk.

Safeguarding the Pipeline: The “Small Biotech” Exception

The 2026 Medicare drug price negotiations represent a seismic shift in U.S. reimbursement. However, the Inflation Reduction Act (IRA) includes a critical “Safe Harbor” for mid-market innovators: the Small Biotech Exception.

For European firms acquiring U.S. targets, verifying this status is paramount. If a drug’s Medicare Part D expenditure is less than or equal to 1% of total Part D expenditures, and the drug accounts for at least 80% of the manufacturer’s total sales, it may be exempt from negotiations until 2029. This provides a vital “valuation shield” for R&D pipelines, ensuring that the expected “Maximum Fair Price” (MFP) does not erode the deal’s long-term ROI.

The New CFIUS: National Security in Healthcare

The Committee on Foreign Investment in the United States (CFIUS) has significantly expanded its footprint throughout 2025 and 2026. While European allies often benefit from “excepted investor” status, HCLS deals involving large-scale U.S. patient data, biotech IP, or critical medical supply chain manufacturing are increasingly being flagged for national security reviews.

The strategy for 2026 is “Pre-emptive Transparency.” Buyers should evaluate whether a voluntary “Declaration” is safer than a full “Notice” to achieve deal-close certainty. In an era of heightened geopolitical sensitivity, the “health” of the target’s IP is as much a matter of national security as it is of clinical success.

Conclusion

Navigating the U.S. regulatory maze in 2026 requires a shift from defensive compliance to offensive strategy. By mastering the nuances of “Relative Data,” factoring in “Regulatory Velocity,” and identifying “Small Biotech” safe harbors, European acquirers can turn regulatory complexity into a competitive advantage.

In our next installment, we move from the ‘Legal Maze’ to the ‘Financial Truth,’ exploring the unique hurdles of U.S. GAAP vs. IFRS reconciliation and the art of the HCLS Quality of Earnings report.

About the Authors:

Nathan Cali is a Managing Partner at Noble Capital Markets with more than 18 years of Capital Markets experience. He has been a lead Managing Director/Head of the Healthcare and Life Sciences Investment Banking and Advisory franchise at NOBLE since 2017 and was previously a sell-side equity analyst for 9 years. Nathan is a Board Member of Precise Bio, a tissue engineering, biomaterials, and cell technologies company, including cardiology, orthopedics, and dermatology. He was previously a board observer of Eledon Pharmaceuticals (ELDN:NASDAQ, f.k.n.a. Anelixis Therapeutics, Inc.), a phase II biotechnology company. Prior to joining NOBLE, Nathan gained investment experience as a portfolio account analyst/manager at Franklin Templeton Investments. Nathan also currently holds series 7, 79, 86, and 87 FINRA designations.

Hinesh Patel, MCMI ChMC is a Partner in CNM LLP’s Los Angeles Office with over 20 years of experience in accounting. He leads and oversees the firm’s Accounting and Transaction Advisory practice. He brings a vast knowledge of US GAAP, technical accounting, and International Financial Reporting Standards (IFRS) reporting requirements to his role at CNM. Hinesh primarily focuses on technical accounting, IPO readiness, SEC reporting, and mergers and acquisitions. Prior to joining CNM, Hinesh worked as a Senior Manager at Deloitte with a primary focus in the technology, manufacturing, consumer business and entertainment industries for both public and private companies. He has assisted various companies through the IPO process and advised on a range of accounting services including technical accounting, financial reporting, and new business processes requirements.

Matthew (Matt) Podowitz is the founder and Principal Consultant of Pathfinder Advisors LLC, bringing experience on 400+ global M&A engagements to his clients. He specializes in the critical operational and technology aspects of M&A transactions, providing due diligence, carve-out, integration, and value creation services. Known for practical, actionable advice derived from extensive hands-on experience with healthcare and life sciences transactions, Matt helps companies, investment banks, and private equity firms navigate complex cross-border HCLS M&A through every step of the transaction lifecycle. Leveraging his perspective as a dual US/EU citizen, he provides seamless support for transactions in both markets. His background includes leadership roles at firms like Ernst & Young, Grant Thornton, and CFGI.

Chris Raphaely is the Co-Chair of Cozen O’Connor’s Health Care & Life Sciences Practice where he provides sophisticated transactional and regulatory counsel to an array of health care providers and investors in the health care industry. His practice focuses on mergers, acquisitions, and divestiture transactions for health care clients and the comprehensive regulatory schemes requisite to doing business in the health care space. Chris routinely handles matters involving payer negotiations, payment disputes and contract enforcement, accountable care organizations, management services organization, clinically integrated networks, value based payment arrangements, pharmacy benefit management and third party administrator contracts for self-insured employers, digital health, organizational and governance structures, HIPAA, information privacy and security, tax exemption, Stark Law, fraud and abuse matters, clinical integration, medical staff relations, facility and professional licensing, Pennsylvania’s Medical Marijuana Act, and general compliance. Prior to joining the firm, Chris served as the deputy general counsel to Jefferson Health System and general counsel to the system’s accountable care organization and captive professional liability insurance companies.

Federal Reserve Signals Extended Pause as Policymakers Assess Inflation Path

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Federal Reserve officials are increasingly signaling that interest rates may remain unchanged for an extended period as policymakers evaluate whether inflation is cooling enough to justify further adjustments. Cleveland Federal Reserve President Beth Hammack said this week that the central bank’s current policy stance is well positioned to remain steady while officials analyze incoming economic data and the lingering effects of prior rate cuts.

Hammack indicated that monetary policy is close to neutral, meaning it is no longer significantly restraining economic activity. After cutting rates three times last fall, the Federal Reserve has shifted into a wait-and-see mode, focused on determining whether those moves are sufficient to guide inflation back toward its long-term target without risking renewed price pressures.

Inflation remains the central concern. While price growth has slowed from its post-pandemic highs, Hammack noted that inflation has largely moved sideways for more than two years and could remain near 3% throughout 2026. That level is still well above the Fed’s 2% goal, raising the risk that inflation could become more entrenched if policymakers ease too quickly. As a result, she emphasized the need for clear and sustained evidence that inflation is decisively trending lower before considering further rate cuts.

Rather than attempting to fine-tune policy in response to short-term data fluctuations, Hammack expressed a preference for patience. She highlighted the importance of fully assessing the economic impact of last year’s rate reductions, as well as broader trends in growth, consumer demand, and financial conditions. At present, she views the risks of rates needing to move higher or lower as roughly balanced.

Cost pressures facing businesses remain a key area of focus. Hammack said tariffs have increased input costs for many companies, with some already passing those expenses on to consumers and others signaling additional price increases ahead. She also pointed to rising electricity and health insurance costs as factors that could keep inflation elevated. Taken together, these pressures make it difficult to determine whether inflation has fully peaked.

The labor market, however, appears to be on more stable footing. With the unemployment rate at 4.4%, conditions have changed little since last fall. Indicators suggest that job openings and job seekers are largely in balance, while initial claims for unemployment insurance remain low. Although some firms have announced layoffs, overall levels of job cuts remain in line with historical norms.

Looking ahead, Hammack expects economic growth to strengthen over the course of the year. She cited the delayed effects of last year’s rate cuts and ongoing fiscal support as factors that could encourage businesses to resume investment and expansion plans. Stronger growth, in turn, could support hiring and gradually push unemployment lower.

The Federal Reserve held its benchmark interest rate steady last month in a range of 3.5% to 3.75%. Hammack’s comments reinforce the view that policymakers are in no rush to alter policy, signaling that interest rates could remain on hold well into the year as the Fed waits for inflation to show more convincing signs of easing.

Release – NeuroSense Expands Global IP Protection Strategy With Granted Australian Patent Covering PrimeC Composition

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Strengthens Global IP Portfolio for PrimeC Through 2042

CAMBRIDGE, Mass., Feb. 9, 2026 /PRNewswire/ — NeuroSense Therapeutics Ltd. (Nasdaq: NRSN) (“NeuroSense”), a late-clinical stage biotechnology company developing novel treatments for severe neurodegenerative diseases, today announced that the Australian Patent Office (IP Australia) has granted Australian Patent No. 2022370513, entitled “Compositions Comprising Ciprofloxacin and Celecoxib,” representing another strategic step in the continued expansion of the Company’s global intellectual property protection for PrimeC.

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The granted Australian patent, following prior approval of the corresponding U.S. patent (12,097,185), further expands NeuroSense’s patent  protection across key global markets and reinforces the Company’s exclusivity strategy for PrimeC, with patent coverage extending through October 2042. NeuroSense continues to strengthen the company’s global intellectual property estate and to support the long-term development and potential commercialization of PrimeC in ALS, Alzheimer’s disease and other neurodegenerative indications.

 “Securing patent protection in Australia, in addition to the already granted patent in the US, is an important step in executing our global IP protection strategy for PrimeC,” said Alon Ben-Noon, Chief Executive Officer of NeuroSense. “As we advance PrimeC toward pivotal development and potential commercialization, building a broad, durable IP estate across major jurisdictions is central to supporting long-term value creation.”

PrimeC is a proprietary fixed-dose oral therapy combining ciprofloxacin and celecoxib in a synchronized, extended-release formulation specifically engineered to deliver both agents in a coordinated manner – a key differentiator versus simple co-administration. The formulation enables consistent exposure across multiple disease pathways implicated in ALS, including neuroinflammation, iron dysregulation, and miRNA dysregulation, supporting a multi-target disease-modifying approach.

PrimeC is Phase 3-ready in ALS, following positive Phase 2b PARADIGM results and FDA clearance of the pivotal Phase 3 protocol.

About NeuroSense

NeuroSense Therapeutics, Ltd. is a clinical-stage biotechnology company focused on discovering and developing treatments for patients suffering from debilitating neurodegenerative diseases. NeuroSense believes that these diseases, which include amyotrophic lateral sclerosis (ALS), Alzheimer’s disease and Parkinson’s disease, among others, represent one of the most significant unmet medical needs of our time, with limited effective therapeutic options available for patients to date. Due to the complexity of neurodegenerative diseases and based on strong scientific research on a large panel of related biomarkers, NeuroSense’s strategy is to develop combined therapies targeting multiple pathways associated with these diseases.

For additional information, we invite you to visit our website and follow us on LinkedIn, YouTube and X. Information that may be important to investors may be routinely posted on our website and these social media channels.

About PrimeC

PrimeC, NeuroSense’s lead drug candidate, is a novel extended-release oral formulation composed of a unique fixed-dose combination of two FDA-approved drugs: ciprofloxacin and celecoxib. PrimeC is designed to synergistically target several key mechanisms of ALS and AD, that contribute to neuron degeneration, inflammation, iron accumulation and impaired ribonucleic acid (“RNA”) regulation to potentially inhibit the progression of ALS and AD.

About ALS

Amyotrophic lateral sclerosis (“ALS”) is an incurable neurodegenerative disease that causes complete paralysis and death within 2-5 years from diagnosis. Every year, more than 5,000 people are diagnosed with ALS in the U.S. alone, with an annual disease burden of $1 billion. The number of people living with ALS is expected to grow by 24% by 2040 in the U.S. and EU.

About Alzheimer’s Disease
Alzheimer’s disease (AD) is a progressive neurodegenerative disorder and the leading cause of dementia worldwide, affecting more than 30 million people globally. AD is characterized by memory loss, cognitive decline, and behavioral changes, and currently has no cure. Existing therapies provide only limited symptomatic relief, leaving a significant unmet need for disease-modifying treatments that can slow or halt progression. Given the complexity of AD, approaches that target multiple disease mechanisms simultaneously, such as PrimeC, hold potential to deliver meaningful therapeutic advances for patients and their families.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on NeuroSense Therapeutics’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and include statements regarding the timing of regulatory filings, meetings and regulatory decisions. Further, certain forward-looking statements, including statements regarding the length of patent coverage, are based on assumptions as to future events that may not prove to be accurate. The future events and trends may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward looking statements. These risks include the uncertainty regarding outcomes and the timing of current and future clinical trials; timing for reporting data, including from the study of PrimeC in Alzheimer’s disease; that the study will not be successful; the ability of NeuroSense to remain listed on Nasdaq; and other risks and uncertainties set forth in NeuroSense’s filings with the Securities and Exchange Commission (SEC). You should not rely on these statements as representing our views in the future. More information about the risks and uncertainties affecting NeuroSense is contained under the heading “Risk Factors” in the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 7, 2025 and NeuroSense’s subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of this date, and NeuroSense undertakes no duty to update such information except as required under applicable law.

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SOURCE NeuroSense

For further information: For further information: Email: [email protected], Tel: +972 (0)9 799 6183

Elon Musk’s Boldest Bet Yet: How SpaceX Became the Lifeline That Turned xAI Into a $1.25 Trillion Giant

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Elon Musk has never been shy about bending corporate structure to his will, but his latest move may be the most audacious of his career. By merging SpaceX with xAI, Musk has created a $1.25 trillion private colossus, instantly making it the most valuable private company in history — and rescuing a cash-hungry AI venture in the process.

The deal folds Musk’s dominant rocket maker, his lossmaking artificial intelligence startup xAI, and the social media platform X into a single vertically integrated entity. Musk framed the merger as a necessary step toward launching data centers into orbit, building factories on the Moon, and ultimately colonizing Mars. Supporters see visionary logic. Critics see financial engineering on a historic scale.

At the heart of the transaction is SpaceX’s balance sheet. The company, now marked up to a $1 trillion valuation, generates roughly $16 billion in annual revenue, driven by its near-monopoly on commercial rocket launches and the rapid expansion of its Starlink satellite broadband business. That steady cash flow and investor confidence gave Musk the leverage to absorb xAI, which reportedly burns around $1 billion per month as it races to build advanced AI models and massive data centers.

Under the terms of the deal, SpaceX will acquire xAI for $250 billion, matching the valuation implied by a recent funding round. xAI shareholders will receive SpaceX stock at roughly a seven-to-one exchange ratio, with the combined entity priced at $527 per share. Investors were briefed on hurried calls, with many reportedly blindsided by both the speed and the scale of the merger.

The strategic rationale is straightforward: AI’s biggest bottlenecks are energy, compute, and data — areas where Musk already has deep assets. SpaceX provides launch capability and satellite infrastructure, Starlink delivers global connectivity, X contributes a vast real-time data stream, and xAI supplies the models. In theory, the combination creates a self-reinforcing ecosystem few competitors can match.

Yet the risks are just as real. xAI’s revenues remain in the low hundreds of millions, far behind rivals like OpenAI, Google, and Anthropic. Folding such a capital-intensive, lossmaking business into SpaceX complicates a planned June IPO, which could raise as much as $50 billion. Existing SpaceX shareholders will be diluted as the company issues new shares to fund the acquisition — a move that has unsettled some long-term investors.

Still, Musk has a long track record of forcing through controversial deals. His 2016 acquisition of SolarCity using Tesla stock faced years of litigation, yet ultimately rewarded shareholders who stayed the course. Many investors believe this is another example of Musk using his control, credibility, and cult-like investor loyalty to move faster than governance norms would typically allow.

The broader market implication is clear: Musk is racing to position his empire at the center of the AI arms race, even if it means rewriting the rules of valuation along the way. Whether this $1.25 trillion gamble proves visionary or reckless will depend on whether xAI can convert ambition into revenue — before investor patience runs out.

Trump Nominates Kevin Warsh as Next Federal Reserve Chair, Setting Stage for Policy Shift

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President Trump’s nomination of former Federal Reserve governor Kevin Warsh to lead the US central bank marks a pivotal moment for monetary policy, with markets immediately turning their focus to what his leadership could mean for interest rates in 2026 and beyond. While Warsh is viewed as a conventional and credible pick, his appointment could subtly — and eventually materially — shift the Federal Reserve’s policy direction.

If confirmed by the Senate, Warsh would step into a deeply divided Federal Open Market Committee (FOMC). The 19-member body has recently signaled openness to a prolonged pause after delivering three rate cuts last fall, with many policymakers believing those moves sufficiently addressed slowing job growth. Convincing the committee to resume cutting rates will be one of Warsh’s earliest and most consequential challenges.

Economists broadly agree that Warsh is inclined to argue for lower rates, but that persuasion — not authority — will determine outcomes. “Special deference to the chair only goes so far,” said JPMorgan chief economist Michael Feroli, noting that past chairs often succeeded by positioning themselves near the committee’s center rather than pushing an ideological edge. Deutsche Bank’s Matt Luzzetti echoed that view, arguing that further rate cuts are unlikely unless inflation eases materially or the labor market weakens again.

Warsh’s case for lower rates rests on a structural argument: that artificial intelligence will meaningfully boost productivity, suppress inflation, and allow the economy to grow faster without overheating. Like Trump, Warsh rejects the idea that inflation is primarily driven by strong wage growth. Instead, he has consistently blamed excessive government spending and monetary expansion. He also believes tariffs represent one-off price shocks rather than persistent inflationary forces — a view increasingly shared within the Fed.

Still, Warsh’s recent dovish tone contrasts with his long-standing hawkish reputation. Historically, he opposed extended bond-buying programs outside crisis conditions and warned that balance sheet expansion risked distorting markets and fueling inflation. Notably, he did not support a rate cut as recently as September 2024. In more recent remarks, however, Warsh has suggested that shrinking the Fed’s balance sheet could help bring inflation down, creating room for lower policy rates.

That reputation for independence may actually work in Warsh’s favor. Evercore ISI’s Krishna Guha argues that because Warsh is seen as hawkish and credible, he may be better positioned than other contenders to bring the FOMC along for at least two — and possibly three — rate cuts this year if conditions allow. In other words, Warsh may have more room to pivot without undermining the Fed’s inflation-fighting credibility.

President Trump has been careful to publicly respect the Fed’s independence, saying he did not seek a commitment from Warsh to cut rates, even though he believes Warsh favors doing so. That balance — political alignment without overt pressure — will be closely scrutinized by lawmakers during Warsh’s confirmation process, which could face hurdles amid broader tensions surrounding the Fed and ongoing investigations tied to Powell’s tenure.

Looking further ahead, questions remain about how Warsh would respond if productivity gains disappoint or inflation reaccelerates, particularly under loose fiscal policy. Some economists believe his current dovish posture could prove flexible — or temporary — especially after midterm elections and deeper into a second Trump term.

For now, Warsh’s nomination signals continuity with a twist: a Fed chair with crisis experience, institutional credibility, and a growing belief that the economy can sustain lower rates without reigniting inflation. Whether he can translate that belief into consensus may define both his chairmanship and the next phase of US monetary policy.

Senate Negotiations Intensify as Deal to Avert Government Shutdown Comes Into Focus

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Negotiations in Washington are gaining momentum as lawmakers and the White House work toward a potential agreement to avert an extended partial government shutdown. While procedural hurdles remain, recent comments from congressional leaders and President Trump suggest that a compromise could be within reach, potentially limiting economic disruption and restoring stability to federal operations.

Senate Majority Leader John Thune struck an optimistic tone Thursday morning, telling reporters that talks are “headed in the right direction.” President Trump echoed that sentiment from the White House, emphasizing a willingness to work “in a very bipartisan way” with Democrats to finalize a deal. The emerging framework would fund approximately 96% of the federal government while pushing the most contentious issue—Department of Homeland Security (DHS) funding—onto a separate track.

Despite the positive rhetoric, progress has been uneven. An early procedural vote to open debate on the package failed in a 45–55 vote, with eight Republicans joining Democrats in opposition. The setback highlights the fragile nature of the negotiations and underscores the political sensitivities surrounding immigration and enforcement policies. Still, the broader expectation on Capitol Hill is that an agreement could be finalized later this week.

Under the tentative plan, the Senate would move forward with five bipartisan appropriations bills that are largely agreed upon, with the goal of passing them by early next week. These bills would fund key agencies such as the Pentagon, State Department, Department of Health and Human Services, and Department of Education. If approved, essential market-facing institutions—including the Bureau of Labor Statistics, Federal Aviation Administration, and Internal Revenue Service—would continue operating with minimal disruption, easing concerns for investors and businesses alike.

DHS funding remains the central sticking point. The department oversees Immigration and Customs Enforcement (ICE), Customs and Border Protection (CBP), and the Transportation Security Administration (TSA), all of which are at the heart of the current debate. Senate Democrats, led by Minority Leader Charles Schumer, have said they are ready to pass the five agreed-upon bills immediately but insist that the DHS measure “still needs a lot of work.” Their demands include new warrant requirements for immigration operations, mandatory body cameras, and potential restrictions on ICE officers wearing masks.

Republican leadership has signaled some openness to negotiation. Thune acknowledged that “there’s a path to consider some of those things,” suggesting that targeted concessions could unlock a broader deal. The talks have also been influenced by recent developments in Minnesota, where a fatal shooting tied to immigration enforcement heightened tensions and helped trigger the current standoff.

Even if a compromise is reached, the path to final approval could be bumpy. The House of Representatives would need to reconvene to vote on any amended package, and Speaker Mike Johnson said lawmakers could be called back as soon as an agreement is finalized. With the House not scheduled to return until next week, a brief shutdown remains a possibility.

Some parts of the government are insulated from the current impasse. Funding for agencies such as the Department of Commerce and Department of Agriculture has already been secured, ensuring continuity for certain economic data releases and food assistance programs.

With six of the twelve annual appropriations bills already signed into law, the stakes are narrower than in past shutdown fights. Still, the coming days will be critical. For markets, federal workers, and the broader economy, the outcome of these negotiations could determine whether Washington delivers a pragmatic compromise—or slips into yet another period of fiscal uncertainty.

Release – Unicycive Therapeutics Announces FDA Acceptance of Oxylanthanum Carbonate (OLC) New Drug Application (NDA) Resubmission

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Research News and Market Data on UNCY

January 29, 2026 7:05am EST Download as PDF

  • DA assigns Prescription Drug User Fee Act (PDUFA) target date of June 27, 2026
  • Ended 2025 with unaudited cash position of $41.3M with expected runway into 2027

LOS ALTOS, Calif., Jan. 29, 2026 (GLOBE NEWSWIRE) — Unicycive Therapeutics, Inc. (“Unicycive” or the “Company”) (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced that the U.S. Food and Drug Administration (FDA) has accepted the resubmission of its New Drug Application (NDA) for oxylanthanum carbonate (OLC), the Company’s investigational oral phosphate binder for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. The Agency has deemed the OLC resubmission to be a Class II complete response which has a six-month review period from the date of resubmission and set a Prescription Drug User Fee Act (PDUFA) target action date of June 27, 2026.

“We are pleased that the agency has promptly accepted the resubmission of our NDA for OLC,” said Shalabh Gupta, M.D., Chief Executive Officer of Unicycive. “We are advancing our commercial preparation activities in anticipation of a potential launch of OLC later this year, to help provide an important treatment option to patients with chronic kidney disease (CKD) on dialysis who continue to struggle with hyperphosphatemia.”

The NDA is supported by data from three clinical studies (a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers and a tolerability study of OLC in CKD patients on dialysis), multiple preclinical studies as well as chemistry, manufacturing and controls (CMC) data. The FDA did not raise any concerns regarding OLC’s preclinical, clinical, or safety data included in the original NDA submission.

The Company ended 2025 with an unaudited position of $41.3 million in cash, cash equivalents, and short-term investments, which permits continued advancement of OLC commercial launch activities and a cash runway into 2027.

About Oxylanthanum Carbonate (OLC)
OLC is an investigational oral phosphate binder that leverages proprietary nanoparticle technology to deliver high phosphate binding potency, reducing the number and size of pills that patients must take to treat hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. Its potential best-in-class profile may have meaningful patient adherence benefits over currently available treatment options as it requires a lower pill burden.

Unicycive is seeking FDA approval of OLC via the 505(b)(2) regulatory pathway. OLC is protected by a strong global patent portfolio including issued patents on composition of matter with exclusivity until 2031, and with the potential for patent term extension until 2035.

About Hyperphosphatemia
Hyperphosphatemia is a serious medical condition that occurs in nearly all patients with End Stage Renal Disease (ESRD). Annually there are over 450,000 individuals in the U.S. that require medication to control their phosphate levels.1 Uncontrolled hyperphosphatemia is strongly associated with increased death and hospitalization for CKD patients on dialysis. Treatment of hyperphosphatemia is aimed at lowering serum phosphate levels via two means: (1) restricting dietary phosphorus intake; and (2) using, on a daily basis, and with each meal, oral phosphate binding drugs that facilitate fecal elimination of dietary phosphate rather than its absorption from the gastrointestinal tract into the bloodstream.

1Flythe JE. Dialysis-Past, Present, and Future: A Kidney360 Perspectives Series. Kidney360. 2023 May 1;4(5):567-568. doi: 10.34067/KID.0000000000000145.

About Unicycive Therapeutics
Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information about Unicycive, visit Unicycive.com and follow us on LinkedIn and X.

Forward-looking statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Unicycive’s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; our need to raise substantial additional capital in the future to fund our continuing operations and the development and commercialization of our current product candidates and future product candidates; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; risks related to delays in obtaining or failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; and our failure, or the failure of our third-party manufacturers, or their subcontractors, to comply with cGMPs or other applicable regulations, which could result in sanctions being imposed on us or the manufacturers, including fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation, seizures or recalls of product candidates, operating restrictions and criminal prosecutions, any of which could adversely affect supplies of our product candidates and harm our business and results of operations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contacts:

Kevin Gardner
LifeSci Advisors
[email protected]

Media Contact:

Layne Litsinger
Real Chemistry
[email protected]

SOURCE: Unicycive Therapeutics, Inc.

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Source: Unicycive Therapeutics, Inc.

Released January 29, 2026

Conduent (CNDT) – New CEO Appointment

Posted on by [email protected]


Wednesday, January 28, 2026

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Leadership transition at a natural inflection point. Conduent announced that Harsha V. Agadi has been appointed Chief Executive Officer, succeeding Cliff Skelton, with Margarita Paláu-Hernández named independent Chair of the Board. The change follows a multi-year period of portfolio rationalization, asset divestitures, and balance sheet repair. In our view, the move marks a clear emphasis on operational execution.

A shift toward speed and accountability. We view Agadi’s appointment as a logical next step for the company. His background includes senior operating and leadership roles across large, complex organizations such as Little Caesars, Church’s Chicken, Friendly’s, and Crawford & Company. We expect an early focus on leadership depth, decision velocity, and operational accountability, with an emphasis on accelerating the company’s return to revenue and cash flow growth. In our view, this signals a move from stabilization to performance.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Rare Earth Stocks Surge as U.S. Government Takes Equity Stake in Strategic Miner

Posted on by [email protected]

Rare earth stocks rallied sharply on Monday after the Trump administration announced a major equity investment in USA Rare Earth (NASDAQ: USAR), underscoring Washington’s escalating push to secure critical mineral supply chains and reduce reliance on China.

Shares of USA Rare Earth jumped as much as 12% following news that the company will receive $1.6 billion from the U.S. Department of Commerce in exchange for an equity stake. The deal also includes collaboration with the Department of Energy on a $1.3 billion loan package and an additional $277 million in federal funding. Industry peers such as MP Materials, Energy Fuels, and Trilogy Metals also saw early gains, reflecting renewed investor enthusiasm across the sector.

Under the agreement, USA Rare Earth will issue 16.1 million shares of common stock and approximately 17.6 million warrants to the Department of Commerce. The company simultaneously announced a $1.5 billion capital raise, significantly strengthening its balance sheet and accelerating development timelines.

The funding is expected to fast-track USA Rare Earth’s vertically integrated strategy, spanning mining, processing, and magnet manufacturing. Key assets include the company’s magnet plant in Stillwater, Oklahoma, and its Round Top rare earth deposit in West Texas, which is slated to begin commercial production in 2028. Once operational, these facilities could play a crucial role in supplying domestic demand for permanent magnets used in defense systems, electric vehicles, data centers, and advanced manufacturing.

This move fits squarely within a broader government strategy to onshore critical mineral production. China currently dominates global rare earth mining and processing, a strategic vulnerability the U.S. has been actively working to address. In 2025, the Pentagon became MP Materials’ largest shareholder after purchasing $400 million worth of stock. Similar government-backed deals were announced last year with Lithium Americas and Trilogy Metals.

Rare earth elements sit at the center of some of the fastest-growing and most strategically important industries, including artificial intelligence, defense technology, renewable energy, and advanced electronics. As AI data centers proliferate and defense spending increases, demand for these materials is expected to rise sharply over the coming decade.

Strategists argue that direct public-sector involvement materially changes the risk profile for rare earth miners. According to Sprott Asset Management, government participation enhances revenue visibility, mitigates project execution risk, and increases the likelihood that new capacity actually comes online. For investors, this reduces dependence on speculative capital markets and supports higher long-term valuations.

The geopolitical dimension is also intensifying. President Trump recently indicated that a future framework deal with NATO over Greenland could include access to rare earth mineral rights, signaling that resource security is becoming a core component of U.S. foreign and defense policy.

While rare earth stocks remain volatile and capital intensive, the growing alignment between government priorities and private miners provides a powerful tailwind. For small-cap investors, the sector is increasingly less about speculation and more about strategic relevance. As Washington continues to write checks—and take equity stakes—the message is clear: rare earths are now a national priority.

Power Metallic Mines Inc. (PNPNF) – From Legacy Nickel to District-Scale Polymetallic System

Posted on by [email protected]


Wednesday, January 21, 2026

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.

Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

NN (NNBR) – Adds a New Director

Posted on by [email protected]


Wednesday, January 21, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Board Addition. NN added T ed White to its Board of Directors, effective immediately. Mr. White is co-founder of Legion Partners Asset Management, one of NN’s largest shareholders, owning approximately 9.55% of the outstanding common as of the date of the agreement, as well as economic exposure to another 5.99% of the Company’s shares.  Mr. White will join the Board’s Strategic Committee, which was formed to evaluate a broad range of strategic, financing, and other alternatives to enhance shareholder value.

Cooperation Agreement. In connection with this appointment, the Company entered into a cooperation agreement with  Legion Partners. The Legion cooperation agreement contains a customary standstill, voting commitment, and related provisions. Legion’s ownership is capped at 19.9% of the outstanding NNBR shares.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.