So far, inflation has not accelerated due to tariffs like many had feared would occur. In fact, inflation has cooled a bit, enabling bond yields to move lower. Lower bond yields mean stock price multiple expansion. Add in some excitement about the growth prospects of AI and that has served as the cherry on top for equity market growth this year so far. The tone from global central banks has clearly shifted from “tightening to combat inflation” toward “monitoring growth” globally and a trend toward easing interest rate policy. This has benefited equites broadly in 2025.
Join Harry, David and Kevin for our October Market Update. As always, if you have any questions, please do not hesitate to reach out to us.
Published: November 11, 2025
