Markets navigated a complex environment in Q4. The quarter started with a U.S. government shutdown which lasted 43 days and delayed key economic data releases. The lack of timely information made it difficult to assess the U.S. economy’s strength and contributed to periods of volatility as the market reacted to incomplete information. The Fed cut interest rates by -0.50% but signaled a pause, hinting it could cut less than the market expects in 2026.
