Snow Focused Value Strategy:
Q3 2025 Commentary
Q3 2025 Commentary
The third quarter of 2025 was broadly risk-on equity markets. The Federal Reserve began a highly anticipated and well signaled rate-cutting cycle with the U.S. central bank of the view that labor market weakness outweighed inflation risks. These cuts supported continued equity strength moving higher off President Trump’s “Liberation Day” announcement of reciprocal tariffs.