SAA Monthly Investment Update: October 2025

Global growth held steady but uneven through October. Manufacturing softened while U.S. technology and service sectors carried most of the expansion. Inflation eased toward ~3 percent but remained sticky in wages and input costs, consistent with Atlanta Fed business-uncertainty surveys. The St. Louis Fed’s “swoosh-shaped” yield curve shows markets expecting easier policy now but limited long-term relief. Bloomberg commentary suggested policymakers remain cautious, balancing inflation risk against slower momentum.