Macroeconomics

Weekly Market Monitor

19 September 2025 | 3 minute read
Stay connected with our Weekly Market Monitor, featuring a thematic chart, key market developments, and valuable investment insights across asset classes each week.

Chart of the Week: Cautiously Dovish Dots

The evolution of the Fed’s interest rate projections illustrates how the focus has largely shifted towards the employment side of its mandate as the risks to the labor market have grown. The median projection now points to an additional 50 bps of cuts in 2025, bringing the federal funds target range to 3.5%-3.75%, though it was a close call between one or two more cuts. We believe that the Fed will prioritize preventing further labor market weakness but take a cautious approach to easing, as disinflationary progress has slowed and tariff-induced inflation remains a concern. 

Chart of the Week

Source: Federal Reserve, Goldman Sachs Asset Management. As of September 17, 2025. Chart shows the Fed’s dot plot for 2025 from the June and September FOMC meetings, where each dot represents an FOMC member’s projection for the midpoint of the target range for the federal funds rate. The light blue dot refers to the median projection. For Illustrative Purposes Only. The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation.

Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.

Weekly Market Monitor
The Market Monitor features a thematic chart and highlights key economic events and data releases driving the past week’s market moves.
weekly market monitor
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