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The Reset Before the Run

Inflation came in cooler. Washington signaled stability with China. The Fed is not just cutting, it is preparing to ease financial conditions more broadly. Instead of panicking into volatility, the market did the opposite. It tightened, absorbed, and then broke out.

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Eye of the Storm

September delivered what traders had been begging for: interest rate cuts. After years of restrictive policy, the pivot finally arrived.

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The Drawback.

2025 is here and off to an interesting start, with a new administration, frequent policy changes, new appointees in critical roles, and the long-anticipated effects of easing monetary policy finally showing up in the charts.

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