CFP® Team Newsletter — November 2025 Edition
The Market Lens
Markets are navigating a delicate transition as the Federal Reserve weighs its first interest-rate cut in nearly two years. Inflation has cooled, but growth momentum is fading. Greg Daco, chief economist at EY-Parthenon, notes that “the U.S. economy remains resilient but is clearly downshifting; we’re entering the ‘soft-landing’ zone where growth slows, inflation cools, and the Fed finally gets breathing room.”
Fed officials have hinted that the next move could come as early as the October 28–29 meeting, trimming the target range to 3.75 – 4.00 %. Markets are pricing in a 25-basis-point cut, though the Fed has stressed that policy will stay data-dependent. The S&P 500 has climbed roughly 11 % year-to-date, led by AI-driven technology names, while Treasury yields remain volatile around 4.2 %. This divergence underscores investor uncertainty over the timing and magnitude of future easing.
Beyond the Balance Sheet
Economic fundamentals remain mixed. Second-quarter GDP was revised higher to 3.3 %, and corporate earnings — particularly among the “Magnificent Seven” tech giants — continue to impress. Yet small-cap and cyclical sectors have lagged amid weaker consumer sentiment and slowing job creation. Brian Wesbury, chief economist at First Trust Advisors, emphasizes perspective: “The slowdown we’re seeing is not a recession — it’s normalization after unprecedented fiscal and monetary stimulus. Productivity gains from AI investment will likely support long-term growth.” He expects GDP to moderate to 2% by year-end, with inflation hovering near 2.5% — levels consistent with the Fed’s comfort zone. Meanwhile, Washington remains in focus. The recently passed One Big Beautiful Bill Act expands deductions and exemptions, reshaping planning opportunities for high-net-worth families and retirees. As always, our team is available to review how these changes affect your individual strategy.
Inside Legacy
Fall is sneaking up on us – it’s now the 4th Quarter!
Nick squeezed in a few late-summer camping and biking trips with his wife and two boys while planning the 4th annual Ski Ball, supporting the University of Nevada’s DI Ski Program. Wendy is getting ready for the 7th Annual Lizzy Hammond 5k/Fun Run/Walk, where she is the lead volunteer and coordinates the event at the Sparks Marina. Phil has enjoyed the fall season with a quick trip recently down to Apple Hill to see his grandkids and enjoy the family time at the local orchards. Upcoming: we are excited to host the Nevada Food Bank canned food drive again at our office, further details to come.
See you soon – and as always, Thank you for Your Business.
Phil, Nick, and Wendy | Legacy Wealth Planning | 775-850-2500 |www.lwpreno.com
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. Tracking no. 815726