Our 2026 Financial Planning Guide is now available. It includes up-to-date information in areas including tax planning, education planning, saving for retirement, and more.

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.

As the holidays approach and the year winds down, the flurry of festivities and to-do lists can easily take center stage. But amid the seasonal rush, it is important to focus on key year-end financial planning opportunities. This 2025 year-end financial checklist highlights 12 meaningful opportunities which can potentially yield significant tax savings, strengthen one’s financial preparedness and help ensure alignment with long-term goals.

The Federal Reserve continued to cut the Fed Funds rate in October, further reducing the target by 0.25%. U.S. equity markets were generally positive in the month, with large cap equities besting small cap, and U.S. equity REITs declined, underperforming most asset classes.

While the economy appears steady, cracks are emerging in the labor market. The Fed cut rates by 25 basis points in September, lowering the target range to 4.00–4.25% after nearly a year-long pause. Global markets outside the U.S. have surged this year, with standout performers such as China and Korea delivering returns of more than 50% year-to-date, and small caps stole the spotlight in the third quarter, beating large caps by more than 4% as measured by the Russell 2000 versus the S&P 500.

The FOMC reduced the Fed Funds Rate by 25 basis points in September, the first cut since December 2024. U.S. equities moved higher in the month, and REITs were modestly positive in September but trailed the broader equity market.