The September quarter delivered a sturdier backdrop than the headlines suggested. Across major economies, central banks leaned into support, inflation generally drifted toward targets, and the world stage, while noisy, did not derail the macro trajectory. The tone through Q3 was one of measured progress, policy became a little easier, growth held up, and resilience kept showing through.

In the US, the Federal Reserve cut rates by 0.25 percentage points in September, taking the funds rate to 4 to 4.25 percent. Chair Powell framed the move as risk management, responding to softer labor momentum while inflation stays above target, rather than a sign of panic. The Fed kept its options open for further easing, with projections hinting at additional cuts if the data warrant it. Markets took comfort in the steady hand and the message that the Fed will remain data driven.

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