While growth forecasts were nudged higher and inflation projections softened, policymakers made it clear that further easing will hinge strictly on incoming data.

The message from the Fed pointed to patience rather than momentum, setting a measured tone into the year-end. In FX, EUR/USD held firm above 1.17, supported by policy divergence expectations, while Malaysia’s ringgit stood out as 2025’s strongest Asian currency, reflecting sustained capital inflows tied to technology and data-center investment.

Gold hovered near record levels above $4,300, underpinned by central bank demand and strong inflows, while Brent crude stayed under pressure as supply risks and political developments shaped price action.

The focus shifts to a dense calendar of central bank decisions, inflation data, and labor reports, setting the tone for positioning into the final stretch of the year and early 2026.

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