September was, in general, a good month for investors. The main event was the cut in the US Federal Reserve’s (Fed) benchmark interest rate by 25 bps, to 4.25% for the upper limit. Relatively weak data from the labour market convinced the majority of Fed’s officials that it was now time to become more accommodating. This move was done despite a continuing rise in inflation, to 2.9% and knowing that the full impacts of President Trump’s tariffs remain to be felt in a few months’ time. Ongoing optimism on Artificial Intelligence (AI) also drove equity prices higher during the month.