Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

Late-cycle Calm into Year-end

December 2025

Muted risk signals
Equity resilience outside the US
Precious metals continue to stand out

November to Remember

November 2025

Markets paused but did not shift regimes
Clear expectations of a Fed cut
Strong metals and weaker Energy
Volatility up but controlled

The Humbling River

October 2025

Renewed appetite for risk
Risks worth taking
One hand near the exit

Wake Me Up When September Ends

September 2025

It’s been 15 years
Shifting sentiment
Trade-off between opportunity and risk