Fisher Investments Reviews: Last Week in Markets—September 15 - September 19

In the US, the Federal Reserve cut the federal funds rate 25 basis points to 4.0% – 4.25%, the first cut since December. Markets were largely unaffected and, in our view, pre-price widely expected events—and this cut was just that. For more, please see our 09/17/2025 commentary, “Fed Cuts! Market (Rightfully) Yawns.” August industrial production increased 0.1% m/m and 0.9% y/y. August manufacturing production grew 0.2% m/m and 0.9% y/y. August retail sales grew 0.6% m/m for the third straight monthly rise and 5.0% y/y.

In the UK, August consumer inflation increased 0.3% m/m and 3.8% y/y, matching estimates. August core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 0.3% m/m and 3.6% y/y. August retail sales grew 0.5% m/m and 0.7% y/y. The Bank of England left their benchmark Bank Rate unchanged at 4.0%. In the eurozone, July industrial production increased 0.3% m/m and 1.8% y/y, lower than forecasts. August consumer inflation increased 2.0% y/y. August core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.3% y/y.

In Japan, August consumer inflation increased 0.1% m/m and 2.7% y/y, lower than forecasts. August core-core consumer inflation (excluding fresh food and energy) increased 3.3% y/y. August imports and exports fell 5.2% y/y and 0.1% y/y respectively. The Bank of Japan left interest rates unchanged at 0.50%. In China, August industrial production increased 5.2% y/y, lower than forecasts. August retail sales grew 3.4% y/y, lower than consensus estimates.

The Week Ahead

The US releases its final estimate of Q2 2025 GDP. The US, UK, eurozone, and Japan releases September purchasing managers’ indexes (PMIs). The US releases August durable goods orders and new home sales. The eurozone releases August money supply. The European Central Bank meets to set monetary policy. Japan releases August trade data and September consumer inflation.

Source for all data cited is FactSet. This update constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Global equities are represented by the MSCI World Index. The MSCI World Index measures the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.