The third quarter of 2025 delivered broad gains across virtually all asset classes, as markets shrugged off caution and rallied strongly. Investors largely ignored persistent trade-war headlines, treating tariff threats as background noise rather than fundamental risks. Instead, sentiment was buoyed by resilient corporate earnings and the growing belief that interest rates had peaked. A U.S. Federal Reserve (the Fed) rate cut late in the quarter reinforced this optimism, sending both stocks and bonds higher, despite mixed economic data.Read more