October delivered a curious paradox: markets climbed to new all-time highs even as uncertainty seemed to be everywhere you looked. The US government shutdown left economic policymakers flying blind, yet inflation remained under control, and the Fed cut rates for the second consecutive month. Geopolitical tensions that had dominated headlines for months eased suddenly with a ceasefire in Gaza and a trade framework between the US and China removing two major sources of market anxiety. Corporate earnings came in remarkably strong, with profits up nearly 13% year-over-year, yet investors responded with surprising indifference, demanding perfection rather than rewarding success.

The dollar reasserted its dominance, climbing 2.1% as political turbulence abroad made the greenback look like the safest bet in a turbulent international environment. Meanwhile, the AI infrastructure buildout accelerated with tech giants now building to meet signed contracts rather than speculative demand, lending credibility to what some feared might be a bubble. It was a month that reminded us markets don’t move in straight lines and context matters more than headlines.

We hope you enjoy reading these updates and find them helpful for the month ahead.