Podcast
The Fed Cuts Rates
Will Simpson and Greg Wise
December 12, 2025.
The U.S. Federal Reserve cut interest rates on Wednesday — what does this mean for investors going forward?
Markets were a bit all over the place this week, which feels fitting given how choppy the day-to-day narrative has been. Canadian equities held up reasonably well, with the TSX finishing +0.7% higher, while U.S. markets were more mixed in CAD terms. The Dow managed to stay positive, but the S&P and especially the Nasdaq gave back ground. Internationally, returns were modest but generally positive, with Europe edging higher and emerging markets lagging.
On the policy front, central banks were back in focus. The Fed delivered a rate cut, while the Bank of Canada opted to stay on hold, reinforcing the idea that policy paths are starting to diverge again. Looking ahead, next week will be a busy one for markets with a heavy slate of data. We get key employment reports and CPI releases across North America, along with more central bank decisions globally.
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