Interest Rates Drop, Tariff Policies Shift, & Crypto Enters the Retirement Scene

In Q3 2025, markets remained strong, driven by gains in major stocks. The Federal Reserve cut interest rates amid tariff policy fluctuations. Also, a new Executive Order signals potential changes ahead ‒ crypto and private investments may be permitted in retirement plans.

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Text reads Fisher\SMB. The letters are in a blue color, and there is a single diagonal slash between “Fisher” and “SMB” in a muted orange color. The background is solid white with no other elements present.	[Music fades in]
A white background with a short text line appears On the left side, there is a single diagonal slash in orange. To the right of the slash, the text reads Stock Markets Showed Impressive Resilience in dark blue letters.	Stock markets showed impressive resilience in the third quarter, and the S&P 500 reached multiple all-time highs, thanks to a handful of companies.
The words S&P 500 Concentration Reaches New Heights appear at the top in dark blue, with an orange diagonal slash to the left. Below that, the subtitle reads Market Concentration of SPDR S&P 500 ETF (SPY). A line chart is displayed underneath: The vertical axis on the left is labeled Top 10 Companies as a Percentage of the SPY (%), ranging from 15% to 45%. The horizontal axis shows years from 1999 to 2024. An orange line represents the percentage over time, starting near 27% in 1999, dipping below 20% around 2010, then rising sharply after 2018 to about 39.78% in 2024. Three shaded regions mark events: “Dot-Com” Bubble around 2000–2002. Global Financial Crisis around 2007–2009. COVID Shock around 2020. At the bottom, the source is noted as FactSet as of 9/30/2025.	This chart shows how the 10 largest U.S.-based companies now account for nearly 40% of the S&P 500. That means a small group of companies now have a big influence on the market, which is a trend worth watching.
The words Inflation Stabilizing, But Still Above Target appear in dark blue text on a white background. To the left of the text, there is a diagonal orange slash.	Still, with stock prices climbing, inflation continues to be a key focus for policymakers and investors.
Below that is a line chart: The vertical axis on the left is labeled Inflation Rate, Year-Over-Year, ranging from 0% to 10%. The horizontal axis shows dates from Jan-2020 to Jul-2025. A dark blue line represents the inflation rate, starting near 2% in early 2020, rising sharply to a peak of 9.1% around mid-2022, then declining steadily and leveling near 2.9% by mid-2025.	In this chart, we can see that inflation has looked like a “camel hump” over the past five years. During the COVID-19 pandemic, it peaked at 9.1%. Since then, it’s fallen to 2.9% thanks to tighter monetary policy and improving supply chains.
A dashed red line labeled Fed Target: 2% runs horizontally across the chart. At the bottom, the source is noted as U.S. Bureau of Labor Statistics.	Meanwhile, the Federal Reserve appears more attentive to the economy than inflation. As a result, the Fed lowered interest rates.
The words U.S. Announced Tariffs on a Variety of Imports appear in dark blue text on a white background. To the left of the text, there is a diagonal orange slash.	And if you add in tariffs, the economic picture adds another layer to consider.
Underneath the words heavy machinery, upholstered furniture and pharmaceutical products appear.	In April, the U.S. announced tariffs on a variety of imports, including heavy machinery, upholstered furniture, and certain pharmaceutical products.
The words Tariff Rates: Then vs. Now appear at the top in dark blue, with an orange diagonal slash to the left. Below that, the subtitle reads Tariffs Announced on Liberation Day vs. Tariffs Now. A bar chart is displayed underneath: The vertical axis shows percentages from 0% to 60%. The horizontal axis lists countries: Australia, Canada, China, EU, India, Japan, Mexico, South Korea, Switzerland, Taiwan, Thailand, UK, Vietnam. Each country has two bars: A dark blue bar labeled Tariff Rate Announced 4/2/2025. A light blue bar labeled Current Tariff Rate. Notable values: India has the highest announced rate at 50% and current rate at 26%. Vietnam announced 46%, current rate 20%. Switzerland announced 31%, current rate 39%. Other countries range between 10% and 36% for announced rates, and 10% to 35% for current rates. The source is noted at the bottom as U.S. Bureau of Labor Statistics.	This chart compares April tariff rates to more recent levels as of October, highlighting how quickly policies can shift and how unpredictable they can be. While these measures aim to support U.S. industries, they may also lead to some short-term challenges as other countries adjust their own trade policies.
The words Other Policy Changes Could Impact Retirement Savings appear at the top in dark blue, with an orange diagonal slash to the left.	And tariffs aren’t the only policy changes that could impact retirement savings.
The words Executive Order Signed appear at the top in dark blue, with an orange diagonal slash to the left. Below the text, there is an illustration of a document with horizontal lines, a dark blue header, and a gold circular seal with a ribbon on the right side. Under the illustration, two bullet points appear in dark blue text with orange dots: Private Investments, Cryptocurrency.	In August, President Trump signed an Executive Order that opened the door for private investments and cryptocurrencies in retirement plans.
The words Executive Order Signed stay on screen. Below, there are two illustrations: On the left, a document with horizontal lines, a dark blue header, and a gold circular seal with a ribbon. In the center, a shield icon outlined in dark blue with a gold dollar sign inside. Under the illustrations, two bullet points appear in dark blue text with orange dots: Shift in retirement policy. Expand access to assets. On the left, a document with horizontal lines, a dark blue header, and a gold circular seal with a ribbon. Below it, two bullet points in dark blue text with orange dots: Private Investments and Cryptocurrency.	The order signals a major shift in retirement policy as it aims to expand access to asset classes that were previously off-limits. We don’t yet know what shape this new policy might take, but governmental and regulatory bodies will soon begin developing a framework to guide these changes.
In the center, a shield outlined in dark blue with a gold dollar sign inside. Below it, two bullet points: Shift in retirement policy and Expand access to assets. On the right, a pink piggy bank with two gold coins above it, each showing a question mark. At the bottom, the words Fisher\SMB will provide timely guidance. appear in dark blue text.	As markets and policies continue to evolve, Fisher\SMB will keep a close eye on developments and provide timely guidance.
The words Fisher\SMB appear in large dark blue text with an orange diagonal slash between the words. Below that, the phone number 888-322-7586 appears in bold dark blue text, and underneath it, the email address contact401k@frs.net appears in smaller dark blue text.	And as always, we’re here to help If you have questions. Reach out to your Retirement Specialist today at 888-322-7586 or email us at contact401k@frs.net
At the bottom, there is a block of gray disclaimer text stating that the material is for informational purposes only, does not constitute investment advice, and includes details about trademarks and risk disclosures. The footer also shows ©2025 Fisher Retirement Solutions K072504VE.	[Music fades out]

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