Markets continued to march higher in September, thanks in large part to the US Federal Reserve's somewhat surprise announcement of a 50 basis point rate cut during the month. While markets were pricing in a chance of this larger cut, the news nonetheless was a catalyst to drive equity markets higher and end the month firmly in positive territory. We also saw China step in and provide some respite for their struggling economy by also cutting rates by 50 basis points and reducing bank reserve requirements. This ignited a strong multi-day rally in Chinese equity markets that trickled into the broader global markets, albeit much more modestly, during the latter part of September.
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