October brought positive results for both stock and bond markets as investors responded to the Federal Reserve’s quarter-point rate cut and signs that inflation continues to ease. The policy shift supported confidence across most sectors with equities posting broad gains and bond prices rising as yields declined. Despite these tailwinds, market volatility remained elevated amid concerns over fiscal policy and the brief government shutdown early in the month.

Economic data pointed to a moderating pace of growth. Hiring and consumer spending both slowed slightly, suggesting the economy is cooling but not contracting. With inflation still above target and future Fed policy uncertain, markets remain sensitive to new data. We continue to focus on disciplined, diversified portfolios designed to balance opportunity and risk as the economic cycle evolves..