The Federal Reserve maintained interest rates at 3.75%–4%, while inflation remained elevated and the labor market showed signs of fragility.
Retail sales and consumer confidence strengthened, while industrial production benefited from AI-driven investment in facilities and data centers. Housing remained constrained.
AI-related investment continued to accelerate, although investors increasingly sought evidence of profitability and cash flow generation.
The S&P 500 and Russell 2000 indices each gained 1.2% in October, while the Nasdaq index declined slightly. Gold fell by 2.9% during the month.
Large managers continued attracting capital, while liquidity challenges persisted in private equity and private credit. Secondary markets presented selective buying opportunities, and power and energy continued attracting investment.
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