September 19, 2025
U.S. Weekly Summary
This week, U.S. equity markets rallied, with many indices grinding out record highs. The major movers included small-cap stocks — the Russell 2000 jumped over 2% — while the S&P 500, Nasdaq, and Dow also logged solid gains. The catalyst: the Federal Reserve’s first rate cut of the year, 25 basis points, following indications that the labor market is softening and risks to employment have grown. The Fed’s projections suggest that more easing may be on the way before the -end of the year.1 Retail sales in August outperformed expectations, rising 0.6% month-on-month,2 but the housing sector remains sluggish, with housing starts falling 8.5%3 and builder sentiment holding steady but weak.4 Treasury yields at the longer end rose, likely due to the market’s interpretation of Fed Chair Powell’s comments as somewhat hawkish, even with the rate cut.
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Warren Gerow is an independent investment wealth consultant at Sightline Wealth Management.
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