Insights

Weekly Market Commentary – 19th September

19 September 2025

This week Donald Trump’s state visit filled the headlines, but the main event for markets was the rate cut from the Federal Reserve. This is the first time the Fed has cut rates this year but the cut was widely expected so reaction was muted. More significant is the dovish outlook from the Fed’s voting members, as most now see two further cuts this year. This caused some weakness in the US dollar and helped lift US equities. The Fed appears to be diverging from the Bank of England and European Central Bank, as the latter two appear to have settled into a holding pattern.