In the fourth quarter of 2025, stock and bond markets again delivered positive returns, with global equities reaching new highs and AI continuing to drive performance even as questions about valuations and “bubble” conditions persisted. The Federal Reserve cut interest rates twice, ended quantitative tightening, and gold and other diversifying assets also posted strong results—highlighting both opportunities and risks in today’s market environment.
We invite you to read PSG’s comprehensive fourth-quarter commentary for further insights.
Fourth Quarter 2025 Market Review
In the fourth quarter of 2025, stock and bond markets again delivered positive returns, with global equities reaching new highs and AI continuing to drive performance even as questions about valuations and “bubble” conditions persisted. The Federal Reserve cut interest rates twice, ended quantitative tightening, and gold and other diversifying assets also posted strong results—highlighting both opportunities and risks in today’s market environment.
We invite you to read PSG’s comprehensive fourth-quarter commentary for further insights.