The government shutdown left markets and the Federal Reserve navigating an incomplete economic picture. Although the government has reopened, many reports remain delayed, and some will likely never be released.
Missing economic data contributed to diverging opinions about future interest rate cuts among Federal Open Market Committee members, which fueled market volatility.
AI-related spending is expected to contribute to over 40% of GDP growth in 2025, making it both a major source of growth as well as market concentration.
Mega-cap technology companies remained key drivers of strong third-quarter earnings growth for U.S. large-cap stocks, a trend which is expected to continue well into 2026.
With a clearer economic picture post government shutdown, stocks and bonds rallied, and the Fed’s near-term monetary policy strategy came into focus.
November 2025 Commentary: Paint-by-Numbers
Summary
Read and download the commentary here.
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