Weekly Market Recap – September 22, 2025

The last two weeks were big ones for monetary policy, with five major central banks announcing their interest rate decisions and signaling the direction of travel. The Fed and Bank of Canada cut rates by 25bps, while the European Central Bank, Bank of England and Bank of Japan stayed on hold. For investors, these moves matter not just for their implications for the bond market but also for how diverging policy paths affect currencies, and, in turn, shape global portfolio returns.