Week of October 27, 2025
It may seem perplexing to market observers that, in a week when the U.S. government entered its fourth consecutive week of shutdown, President Trump tightened sanctions on Russian businesses, and the Israel–Hamas ceasefire remained fragile, the U.S. stock market reached all-time highs. Yet the collective intelligence of capital markets should not be underestimated. The markets may be telegraphing confidence that U.S. domestic and foreign policies are on the right course and that relative peace and prosperity are within reach. Our Signals remain unchanged.
Bob Bilkie, CFA
