US Unveils Plan for Nuclear Fuel Independence

Daniel Foster

Political

Energy

Remarks of Officials

Economic

Summary:

The U.S. DOE is launching a major initiative to build domestic nuclear fuel campuses, aiming to cut foreign reliance.

The U.S. Department of Energy (DOE) is launching a major initiative to build a domestic nuclear fuel supply chain, signaling a strategic push to support the growing demand for carbon-free energy. The plan centers on creating "Nuclear Lifecycle Innovation Campuses" across the country.

The DOE will formally invite states to submit proposals for hosting these advanced facilities. The goal is to create hubs that can handle every stage of the nuclear fuel process, a move designed to reduce America's reliance on foreign uranium and pioneer new technologies.

The Vision: All-in-One Nuclear Hubs

A core objective of these campuses is to establish commercial-scale recycling for used nuclear fuel. Currently, U.S. reactors only utilize about 5% of the potential energy in their fuel, and there is no commercial infrastructure to reprocess the remaining material. This initiative aims to change that, turning spent fuel into a valuable asset and diverting it from long-term storage sites like Yucca Mountain.

Figure 1: Storage casks holding enriched uranium illustrate a critical stage in the nuclear fuel supply chain, which the U.S. government is now aiming to bolster domestically.

Ultimately, a single campus could integrate the entire fuel cycle, from uranium enrichment to recycling. These sites could also host advanced reactors, power generation facilities, and co-located data centers, creating a streamlined system that avoids the complexities of transporting nuclear materials.

Economic Impact and Private Investment

The timing of the initiative aligns with a surge in demand for nuclear power, driven partly by the massive electricity needs of AI and data centers. The DOE anticipates that one of these innovation campuses could attract as much as $50 billion in private sector capital investment.

U.S. Energy Secretary Chris Wright framed the plan as a key part of a broader strategy. "Unleashing the next American nuclear renaissance will drive innovation, fuel economic growth, and create good-paying American jobs," he said, adding that it aligns with "President Trump's vision to revitalize America's nuclear base."

A Cornerstone of National Energy Policy

The Trump administration has consistently positioned nuclear power as a central element of its national energy strategy. While nuclear energy already accounts for roughly 21% of U.S. electricity, the country remains dependent on imports for a significant portion of its uranium.

This new plan builds on several recent policy actions:

• Regulatory Reform: Last May, President Donald Trump signed executive orders to streamline regulations and accelerate the deployment of both large and small nuclear reactors.

• Major Investments: Last fall, the administration finalized a deal with Westinghouse owners Cameco and Brookfield Asset Management to invest $80 billion in constructing large-scale nuclear reactors across the U.S.

• Enrichment Funding: Earlier this year, the DOE announced $2.7 billion to boost domestic enrichment capabilities. This included a $900 million award to Centrus to expand its plant in Piketon, Ohio, though the facility has not yet reached commercial production.

Speaking in November, Wright emphasized the administration's commitment, stating that most of the department's loan capital will be directed toward building new nuclear plants.

"When we leave office three years and three months from now, I want to see hopefully dozens of nuclear plants under construction," Wright stated.

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Adam

Cryptocurrency

Bitcoin and Ethereum have gained 2.1% and 3.5% respectively, as investors await the Federal Reserve's next interest rate decision Wednesday afternoon.

Bitcoin is changing hands for $89,842, about level with where it was a week ago, according to data from crypto price aggregator CoinGecko. And Ethereum regained $3,000 for the first time since last week, trading for around $3,026 after having risen 2.1% in the past seven days.

With just hours to go before the Fed's first interest rate decision of the year, the CME FedWatch Tool shows that futures traders estimate there's a 97% chance that interest rates will remain unchanged.

Traders on prediction market Myriad, owned by Decrypt's parent company Dastan, put just a 33% chance on the the Fed cutting rates by more than 25bps before July.

"While a ‘hold’ at 3.5%–3.75% is a statistical certainty, crypto traders should be wary of a ‘narrative whipsaw,’" Jummy Xue, co-founder and chief operating officer of institutional crypto management firm Axis, told Decrypt. "The focus is no longer on the cost of capital, but on the Fed’s sensitivity to a 4.4% unemployment rate."

At the start of January, the Bureau of Labor Statistics reported a December unemployment rate of 4.4%, which was little changed from the revised November 4.5% rate.

"If [Federal Reserve Chairman Jerome Powell] emphasizes labor market resilience over cooling inflation, he is effectively taking a March rate cut off the table," Xue added. "For Bitcoin, which has thrived on the expectation of continuous easing, such a pivot could transform a ‘neutral’ meeting into a medium-term bearish catalyst."

In the current economic environment, Xue expects traders to primarily rely on the debasement trade. It's a strategy that assumes governments will keep increasing the supply of money and erode the value of cash. In response, investors gravitate towards less easily diluted assets like commodities, real estate, and cryptocurrencies.

Aurelie Barthere, a principal research analyst at onchain analytics firm Nansen, told Decrypt that Powell seemed concerned about job market weakness at the December meeting and he expects that to hold.

"Even with the U.S. economy accelerating into first half of 2026, boosted by fiscal, the labor market has kept cooling," she said, "on the demand side, not just the supply side."

But more comments from Powell on unemployment isn't necessarily a bad thing, she added, pointing to overnight index swap markets pricing in less than two rate cuts after Powell leaves the Fed in June.

"If Powell's tone remains as dovish as in December, the pricing of rate cuts could be increased and brought forward before June (March and April)," Barthere said.

The outlook for crypto

Digital assets like Bitcoin and Ethereum tend to benefit when investors expect interest rates to fall because lower rates reduce returns on cash and bonds and encourage risk-taking across markets. Conversely, when rate cuts are delayed or taken off the table, crypto prices come under pressure as traders shift capital back towards yield-bearing assets.

But Wednesday's interest rate decision isn't the only macroeconomic event on the horizon.

Analysts at Singapore-based crypto trading firm QCP Capital flagged that traders are also bracing for a Friday, Jan. 30 funding deadline to keep the U.S. out of another government shutdown, uncertainty about the Senate's next move on the CLARITY Act and volatile currency markets.

Source: decrypt

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Frederick Miles

Political

Remarks of Officials

Russia-Ukraine Conflict

Economic

U.S. Treasury Secretary Scott Bessent has sharply criticized the European Union’s new trade agreement with India, accusing Brussels of prioritizing commerce over the interests of the Ukrainian people.

In a statement to CNBC, Bessent expressed his disappointment, arguing that Europe’s actions undermine sanctions against Russia. He pointed out that the EU has been purchasing refined products from India that are made with sanctioned Russian oil.

According to Bessent, Europe was unwilling to match Washington’s higher tariffs on Indian goods precisely because it was negotiating this separate trade pact.

"Trade Ahead of Ukraine": Bessent's Core Accusation

The U.S. Treasury Secretary directly linked the EU's trade ambitions to its reluctance to join American economic pressure on India. Last year, Washington imposed 25% tariffs on India to discourage its purchases of Russian oil. Bessent noted that the EU declined to participate.

"The Europeans were unwilling to join us, and it turns out, because they wanted to do this trade deal," he stated. "So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people."

These comments follow Bessent’s signal last week that the U.S. might remove its 25% additional tariffs after observing a sharp reduction in India's imports of Russian oil.

What's Inside the New EU-India Trade Agreement?

On Tuesday, the European Union finalized a long-awaited trade deal with India. The agreement is designed to significantly increase two-way trade and reduce the bloc's economic reliance on the United States amid rising global trade friction.

The EU projects the deal will achieve the following:

• Double EU exports to India by the year 2032.

• Eliminate or reduce tariffs on 96.6% of traded goods by value.

• Generate savings of €4 billion ($4.8 billion) in duties for European firms.

When asked if such deals, which exclude the United States, pose a threat, Bessent remarked, "They should do what's best for themselves, but I will tell you, I find the Europeans very disappointing."

Broader Tensions in US Trade Policy

Bessent's critical remarks come at a time of heightened transatlantic tensions. President Donald Trump recently unsettled European leaders by threatening to raise tariffs on certain European countries over their opposition to his interest in pursuing Greenland, although the threat was later withdrawn.

U.S. officials also remain frustrated with the EU's failure to implement tariff reductions promised in a framework trade agreement reached with Washington in July.

This pattern of applying pressure was further highlighted this week when Trump increased duties on imports from South Korea from 15% to 25%. The administration cited the slow pace of the South Korean parliament in implementing a trade agreement reached with the U.S. last year.

Bessent defended the move against South Korea, calling it "helpful to get things moved along" and emphasizing the need for their parliament to ratify the deal. On Tuesday, Trump said he expects the U.S. and South Korea to find a solution, as South Korean officials were scheduled to arrive in Washington for talks.

To stay updated on all economic events of today, please check out our Economic calendar

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Henry Thompson

Remarks of Officials

Stocks

Economic

Political

Daily News

The Trump administration on Wednesday officially rolled out its "Trump Accounts" program, a new initiative providing government-funded investment accounts for babies born in the United States. According to top officials, more than 500,000 families have already registered for the program.

U.S. Treasury Secretary Scott Bessent details the new "Trump Accounts" initiative at a press conference in Washington.

The White House is establishing these investment accounts as a key strategy to address household affordability concerns ahead of the November midterm elections. The program was created last year as part of the "One Big Beautiful Bill," the Republican party's signature tax and spending legislation.

How the 'Trump Accounts' Program Works

The initiative targets children born over a specific three-year period, with the U.S. Treasury providing the initial seed money. The goal is to tackle the lack of savings accounts held by many American families.

Key features of the program include:

• Initial Government Deposit: The U.S. Treasury will deposit $1,000 into an investment account for every child born between 2025 and 2028.

• Eligibility: An estimated 25 million families are expected to be eligible for the program.

Encouraging Private Investment and Family Savings

The government is actively encouraging families to supplement the initial deposit with their own contributions. The program has also attracted significant private investment, including a $6.25 billion contribution from entrepreneur Michael Dell and his wife, Susan.

Potential Growth to $1.1 Million

At a rollout event in Washington, White House press secretary Karoline Leavitt highlighted the long-term potential of the accounts. She stated that if a family contributes the maximum allowed amount of $5,000 each year, the account could grow to nearly $1.1 million by the time the child turns 28.

A Bipartisan Push Amid Low Public Awareness

The Trump administration is framing the accounts as a bipartisan achievement. "It's not about red or blue politics," said Cheryl Hines, an actress and the wife of Health Secretary Robert Kennedy, at the launch event.

Despite the official rollout, public knowledge of the program remains limited. A poll conducted by Exclusive Public First and reported by Politico found that:

• 57% of Americans had never heard of a Trump Account.

• 25% had heard of the program but could not explain how it works.

• Only 14% were familiar with the accounts and could describe them.

To stay updated on all economic events of today, please check out our Economic calendar

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James Riley

Remarks of Officials

Political

Secretary of State Marco Rubio faced intense questioning from the Senate on Wednesday, making his first public appearance before lawmakers since the dramatic U.S. raid that captured Venezuelan President Nicolas Maduro earlier this month.

Addressing a packed hearing room, Rubio argued that Venezuela's new leadership is already pivoting toward a closer relationship with the United States. The Trump administration is currently working with Delcy Rodriguez, a former Maduro ally who assumed the role of interim president following his arrest. However, the White House has made it clear that further military action remains an option if her government fails to meet U.S. demands.

Secretary of State Marco Rubio, pictured here on December 15, 2025, defended the Trump administration's Venezuela policy before the Senate.

Rubio, himself a former Florida senator, described communications with the new Venezuelan leaders as "very respectful and productive." He expressed confidence that the U.S. could quickly re-establish a diplomatic presence in the country, framing the new dynamic as a historic opportunity.

"For the first time in 20 years, we are having serious conversations about eroding and eliminating the Iranian presence, the Chinese influence, the Russian presence as well," Rubio stated. "In fact, I will tell you that there are many elements there in Venezuela that welcome a return to establishing relations with the United States on multiple fronts."

Later on Wednesday, Rubio was scheduled to meet with Venezuelan opposition leader Maria Corina Machado, sparking questions about whether the Trump administration might seek to install her as Maduro's permanent replacement.

Justifying the Intervention

Rubio laid out the administration's case for removing Maduro, arguing that Venezuela had become a strategic threat to the United States. He presented a stark picture of the situation prior to the raid, citing several key factors:

• Hostile Foreign Influence: The country had become a base of operations for U.S. adversaries, including China, Russia, and Iran.

• Regional Instability: Maduro's alleged cooperation with drug traffickers was destabilizing the region and directly impacting the U.S.

"It was an untenable situation and it had to be addressed," Rubio declared. He added that the U.S. has established a short-term mechanism to sell Venezuelan oil, with the ultimate goal of fostering a "friendly, stable, prosperous Venezuela" that holds free and fair elections.

Tensions Boil Over in Congress

Despite Rubio's assurances, the administration's actions have triggered significant pushback on Capitol Hill. Lawmakers from both parties have voiced frustration over a pattern of poor communication regarding major foreign policy decisions, including the Maduro raid and cuts to foreign aid programs.

Committee Chairman Jim Risch, a Republican, noted the "confusion over how it will be done" but praised Rubio for explaining the administration's plans. However, the underlying tension was palpable, especially following a recent, high-stakes legislative battle.

The War Powers Showdown

Just two weeks ago, Senate Republicans narrowly defeated a resolution that would have required President Trump to seek congressional authorization before taking further military action in Venezuela. The vote was so close that Vice President JD Vance had to be called in to break a tie.

The resolution initially seemed poised to pass after five Republicans sided with Democrats to advance it—a rare rebuke of President Trump. In response, Trump publicly attacked the five defectors, while he and Rubio launched an intense lobbying effort to flip their votes.

They successfully persuaded two senators, Josh Hawley of Missouri and Todd Young of Indiana, to change their positions by promising that Rubio would testify before the committee and insisting no U.S. troops were in Venezuela.

A Breach of Trust

The close vote reflects a growing anxiety in Congress over presidential war powers and a desire to reclaim constitutional authority over military deployments.

Members of Congress, including some of Trump's fellow Republicans, accused Rubio of misleading them. They claimed he had insisted the administration was not planning a leadership change in Venezuela just days before the raid. Adding to the frustration were reports that oil company executives were briefed on the operation before lawmakers were.

Democratic Senator Chris Coons of Delaware voiced a common fear, warning of the risk of being drawn into another protracted conflict. "You and I both know a long and painful history of wars that began and seemed to be resolved and then opened up into excruciating, expensive years-long conflict," he said.

These concerns are amplified by other recent statements from President Trump, who said this month that the U.S. will run Venezuela for years, told Iranian protestors that "help is on the way," and threatened military action to take Greenland.

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Adam

Forex

Commodity

Sterling retreats after reaching strongest level since 2021

Sterling slipped roughly 0.5% on the day, easing back from its strongest level since 2021. The pullback came as the United States (US) dollar staged a modest recovery after a sharp selloff that had pushed it to multi-year lows.

The British pound's retreat follows a period of significant strength against the greenback. Currency markets remain volatile as traders assess the implications of US policy unpredictability and concerns over Federal Reserve (Fed) independence.

Despite the intraday decline, sterling remains well supported by multi-year levels. The currency has benefited from broader dollar weakness, with the dollar index sliding to a four-year low after falling more than 9% in 2025.

Forex trading remains highly active as traders navigate elevated volatility across major currency pairs. The euro briefly broke above $1.20 for the first time since 2021, whilst the yen strengthened on intervention speculation before the dollar's modest rebound.

FTSE 100 edges higher on mixed trading

The FTSE 100 closed marginally firmer, with gains in miners and energy stocks offsetting declines in defensive sectors. Health care and consumer staples names came under pressure as investors rotated into more cyclical areas.

The blue-chip index underperformed more tech-heavy European peers. ASML's surge to a record high on strong orders dragged European technology stocks higher, whilst Louis Vuitton Moet Hennessy (LVMH) slid sharply on weaker sales figures.

Mining stocks benefited from gold's push towards $5300 an ounce. The precious metal hit fresh record highs above $5260 as the weaker dollar propelled demand for non-dollar assets, supporting commodity trading activity.

Energy names also contributed to the index's modest advance. Oil prices held steady as traders weighed global demand concerns against supply dynamics, providing support for the sector.

Stock-specific moves dominate UK market

Marston's shares tumbled as much as 16% despite delivering a solid festive trading update. Analysts pointed to softer-than-expected trends versus peers and a strong run-up in the share price beforehand as reasons for the selloff.

The pub operator's decline contrasted with strength elsewhere in the consumer sector. Stock-specific factors dominated trading across UK equities, with company updates driving individual share price movements more than broader market trends.

Life Science REIT jumped 19% after agreeing to a takeover by British Land at roughly a 21% premium. The deal lifted sentiment across parts of the real estate sector, demonstrating continued appetite for M&A activity.

Mobico surged 12% on progress in German rail contract negotiations. PayPoint, Mears and Mears also rose on reassuring trading updates and contract wins, highlighting the importance of company-specific catalysts.

Dollar hovers near three-year lows

The US dollar remained under pressure near three-year lows after a heavy selloff. President Trump brushed off concerns about currency weakness, encouraging traders to press bearish US dollar positions.

The dollar index fell to a four-year low, weighed down by concerns over US policy unpredictability and signals that Washington may tolerate a weaker currency. The greenback has declined more than 9% in 2025 as confidence in the currency erodes.

Currency volatility stayed elevated across major pairs. The euro's break above $1.20 marked its strongest level since 2021, whilst sterling reached similar multi-year highs before retreating.

US Treasury yields were little changed ahead of the Federal Reserve (Fed) decision, where no move is expected. Markets remain focused on Fed commentary for signals about the central bank's independence and future policy direction.

Gold pushes towards $5300 on dollar weakness

Gold surged to fresh record highs above $5260 an ounce, with prices pushing towards the $5300 level. The precious metal benefited from the weaker dollar and rising demand for non-dollar assets.

The rally in gold trading reflects investor concerns about currency stability and geopolitical uncertainty. Gold has traditionally served as a hedge during periods of dollar weakness and policy unpredictability.

The move higher comes as central banks remain in focus. Australian inflation data pushed markets to price a greater than 70% chance of a Reserve Bank of Australia (RBA) rate hike next week.

US equities closed at record highs ahead of mega-cap earnings releases, shrugging off the turbulence in currency markets. Asian markets traded mixed, with Hong Kong equities rallying strongly despite elevated forex volatility.

European markets driven by earnings

ASML surged to a record on strong order numbers, lifting European technology stocks. The Dutch semiconductor equipment maker's performance contrasted sharply with weakness in luxury goods, where LVMH slid on softer sales figures.

The divergence between sectors highlighted the stock-specific nature of recent trading. Company fundamentals and earnings updates drove individual share price movements more than broader market factors.

European indices outperformed the FTSE 100, benefiting from greater exposure to technology names. The tech-heavy nature of continental bourses provided support as semiconductor stocks rallied on optimism about order trends.

UK markets face a busy period ahead with further trading updates expected. Investors remain focused on company-specific news flow rather than macro themes, with share trading activity concentrated in names delivering concrete catalysts.

Source:ig

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Daniel Carter

Economic

Mozambique's central bank extended its longest rate-cutting cycle, lowering its benchmark to a record low, while signaling that there is limited scope for further easing.

The Banco de Moçambique reduced the rate, known by its Portuguese acronym Mimo, by 25 basis points to 9.25%, Governor Rogério Zandamela said in a briefing in Maputo, the capital, on Wednesday. While inflation will remain in single-digits for the medium term, risks including severe floods and trade tensions meant the end of the cutting cycle that started two years ago is approaching, he added.

The government is in talks with the International Monetary Fund for a loan package after President Daniel Chapo's administration decided to prematurely end a previous deal in favor of a new one. That will likely require currency depreciation and a better-balanced budget.

Mozambique's economy has been battered by repeated shocks in recent years. The gas-rich nation's output slumped to the lowest since 2020 after post-election unrest last year all but halted activity for months.

The government is also fighting an Islamic State-backed insurgency in the northeastern Cabo Delgado province that's delayed a $20 billion natural gas export project for years.

The nation, frequently hit by weather-related disasters such as tropical cyclones, is currently facing severe flooding in the center and south not seen in more than a quarter century. Parts of cities and towns have been completely submerged this month.

At least 137 people have died since the rainy season began in October, about 240,000 hectares of crops has been lost and sections of the main highway linking Maputo to the rest of the country has been destroyed, according to the authorities. More-than 5,000 kilometers (3100 miles) of roads have been impacted, rendering large areas inaccessible.