John Authers, Columnist

We’ll FOM See How Long the Risks Can Be Ignored

Investors say stocks are overvalued and expect inflation. Yet they can’t stop buying.

September 17, 2025 at 4:01 AM UTC

Corrected

September 17, 2025 at 10:06 PM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Enjoying the fruits of an expected rate cut.
Photographer: Timothy A. Clary/AFP/Getty Images

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It’s decision day from the Federal Reserve, and global markets are already enjoying the fruits of the expected rate cut. The dollar enters the day at its lowest since the beginning of the Fed’s 2022 rate-hike cycle: