October marked a partial reversal of September’s market dynamics. U.S. equity markets finished with mixed results in October, and real estate benefited from the decline in Treasury yields and the broader shift toward rate-sensitive and value-oriented assets.

Fixed income markets struggled as interest rates moved sharply higher during the third quarter. U.S. large cap equities were modestly positive, and the more interest rates sensitive REIT sector fell as interest rates moved higher during the quarter.

It was a tough month for fixed income investors during September. U.S. equities fell and Equity REITs, which are more sensitive to interest rates than other equity markets, sold off during September.

Fixed income markets proved resilient even in the face of persistent inflation, Treasury policy, and more hawkish messaging from the Fed. Despite a confluence of factors during the month, equity markets were positive, and U.S. equity REITs were negatively impacted by the higher interest rate move late in the summer.

Fixed income markets took a step back in July as interest rates rose. Continued concerns about capex spending related to AI and the uncertainty of monetization, coupled with geopolitical tensions in the Middle East drove volatility in markets during the month, and U.S. equity REITs had a favorable month in July, supported by a stable economic backdrop and improving fundamentals.

Fixed income markets had a positive quarter despite a rise in interest rates and a complicated backdrop for the asset class. Investors looked through a volatile macro backdrop and rewarded signs of resilient earnings, easing geopolitical stress and continued demand tied to artificial intelligence infrastructure. Equity REITs had a positive quarter, benefiting from the risk on market as well as improving sentiment and fundamentals in areas such as office and lodging.

The Federal Reserve held its target rate steady in June, the first meeting led by new Chair Warsh. Concerns about valuations and the sustainability of AI spending pushed mega cap companies lower and U.S. large cap stocks declined in June and U.S. equity REITs experienced a positive month as markets grew more comfortable that the current economy can continue to grow.

Core fixed income edged out a small gain during the month amidst a volatile interest rate environment as investors digested inflation concerns, a softer labor market, yet an overall resilient economy. May extended the global equity rally as a late-month diplomatic breakthrough between the U.S. and Iran, combined with soaring technology earnings, pushed major indices to fresh all-time highs. REITs finished essentially flat for the month as the positive impact of declining Treasury yields early in the month was offset by renewed inflation concerns and the prospect of tighter monetary policy.

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The Federal Reserve held its target rate steady in April. April saw a sharp rally in equity markets as tensions in the Middle East eased from March, and U.S. equity REITs were positive in the month, benefiting from the broader equity market rally.

Fixed income markets came under pressure during the month as the conflict with Iran escalated. Operation Epic Fury created a risk-off market environment in March, and U.S. equity REITs declined and underperformed the broader equity market.

Fixed income markets had a mixed quarter to start the year. It was a mixed quarter for U.S. equities as U.S. large cap underperformed small cap, and equity REITs had a favorable quarter, outpacing the broader U.S. equity market.

Core bonds had a favorable month. Concerns about AI disruption continued to plague U.S. large cap equities, which declined modestly in February, and U.S. equity REITs had a strong month.

The Federal Reserve held rates steady in January, and interest rates ended the period modestly higher. U.S. equity markets were positive in January, and REITs, which lagged in 2025, started the year on a positive note.

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Interest rates were volatile during the quarter as the Federal Reserve cut interest rates twice even as inflation remained sticky. Favorable earnings, a Fed rate cut, and positive economic data helped support equity markets during the quarter, and equity REITs struggled during the quarter despite strength in the broader equity market.

The Federal Reserve cut its target rate in December another 25 bps, now targeting 3.50-3.75%. U.S. equity markets were flat in December, and U.S. equity REITs declined and underperformed the broader equity market.

As 2025 has drawn to a close, the year stands out for defining moments that sought to reshape markets and the global economy. From rapid policy shifts on Liberation Day to the return to rate cuts by the U.S. Federal Reserve and renewed hopes for peace in Europe and the Middle East, the past 12 months have been anything but static.

After a brisk rally in October, November saw muted returns across most asset classes. Policy participants have expressed sharply divergent views on future interest rate decisions, leaving investors cautiously optimistic, and leadership rotated toward real assets and commodities, while emerging markets lagged.

Fixed income markets reflected shifting market expectations for Federal Reserve policy during the month. U.S. equity markets were generally positive in the month, with small cap outpacing large cap, and diversifying areas of the market outpaced broader equities as inflation ticked up slightly.