The Government Presses the Gas With Fiscal & Monetary Stimulus

Published on October 20, 2025

Monetary and fiscal policy are now decisively stimulative to the economy thanks to interest rate cuts and the passage of the One Big Beautiful Bill Act. This should provide a tailwind to investments.

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Q3 2025: Signal Through the Static

October 20, 2025
The third quarter demonstrated the market’s ability to focus on powerful, long-term themes like technological productivity and monetary policy, even amidst significant short-term political noise. While large technology companies were once again a driver of headline returns, the positive performance across nearly all global asset classes rewarded a diversified approach.

The Macro Backdrop

October 20, 2025
There is little question that the key economic storyline of Q3 was the fact that new job creation was not anywhere near as solid as the markets and, perhaps more importantly, the Fed believed.