As we move into the final quarter of 2025, markets have remained resilient despite a backdrop of uncertainty. After some turbulence in April tied to U.S. tariff announcements, equities quickly regained footing and climbed back toward all-time highs. Volatility, which often rises in the fall, has so far remained muted, though history reminds us that September and October can be challenging months. Still, long-term data shows these seasonal downturns are more myth than disaster, with average declines relatively modest.