ICM Monthly Outlook - November 2025

The latest market insight from ICM reports that October brought another month of gains for U.S. equities, supported by solid earnings and a widely anticipated rate cut from the Federal Reserve. The tone shifted in early November, with markets giving back some ground as investors reassessed valuations and the policy path.

Some recent risks have eased, including a pause in U.S.-China trade tensions and the resolution of the federal shutdown. Others persist. Inflation remains above target, AI-related valuations have been volatile, and limited new data has heightened uncertainty ahead of the Fed’s next meeting. The central view remains that lower yields next year would support equities, credit and Treasuries, but near-term conditions will continue to depend on the flow of economic data and monetary policy signals.

For a comprehensive analysis of the current market dynamics and future outlook, read the full market review here.