Melt-Up Ahead?

2025-09-13 04:15:00 ET

If you had told anyone following financial market trends on April 2 this year that by September just about any asset class under the sun would be basking in positive returns for the year, they would have called you crazy. But the doom and gloom of the “liberation day” tariff announcement quickly dissipated, and since then, the markets have learned to take each and every curve ball thrown their way in stride, shrugging off any longer-term implications while reveling in the joys of a short-term sugar rush. Everything from gold to emerging market and European equities to our own S&P 500 is up double digits, and even the once-jittery bond market has settled into a comfortable place with prices up low to mid-single digits across a spectrum of credit risk. It’s a year for the Pollyannas of the world. And that sugar rush may have a ways to go before it ends....

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