Obstacles to this stock market rally are yet to emerge

The Fed’s rate cut and the implied commitment to two more cuts this year have added power to a rally that could have been due to go off the boil. But, then again, there is the promise of AI, which combined with lower US interest rates, keeps stocks irresistible to growth investors. It looks over-the-top but the pluses for stocks still outweigh the negatives, so it looks largely onwards and upwards into 2026.

Peter Switzer

September 20, 2025

6 min read

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