The minutes from the Federal Open Market Committee (FOMC) meeting held on September 16-17, which were released last week, suggested a leaning towards a rate cut.

Members of the FOMC largely concurred on the possibility of reducing rates this year but showed caution against making drastic moves. Some expressed concerns about implementing overly restrictive measures, yet they acknowledged the need for patience in future decision making due to the dual challenges they face.

Their two primary objectives are to manage inflation and foster a favorable environment for job creation, indicating that a balanced approach should be prioritized.

Despite various geopolitical issues, in my note from last week, I highlighted that the US government shutdown is a significant factor influencing the market as it enters its second week.

The Trump administration has already begun taking steps by laying off federal employees, with many receiving notifications.

Europe is similarly grappling with unresolved structural challenges, particularly in France, which is facing issues related to public finances and is hampered by policy constraints. The country is also experiencing political instability following the resignation of its Prime Minister, leading to what is described as the worst political crisis France has seen in........

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