After three consecutive interest rate cuts, investors now face an increasingly uncertain US monetary policy outlook for the year ahead.

Market Commentary - December 2025. It has been a volatile yet fruitful year for investors. November encapsulated both qualities in a single month. What began as an orderly reassessment of artificial intelligence valuations briefly threatened to become something uglier. Bargain hunters and rate-cut optimism then combined to rescue markets from their mid-month lows.

Stocks reached new heights in October, boosted by a breakthrough US-China trade agreement and exceptional corporate earnings. President Trump and President Xi Jinping reached a comprehensive agreement in Busan, South Korea, that reduced tariffs and suspended export controls.