Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. This material is for general informational purposes only and should not be construed as investment, tax or legal advice. It does not constitute a recommendation or offer to buy or sell any security, has not been tailored to the needs of any specific investor, and should not provide the basis for any investment decision. Please consult with your Advisor prior to making any Investment decisions. The information contained herein was carefully compiled from sources believed to be reliable, but Robertson Stephens cannot guarantee its accuracy or completeness. Information, views and opinions are current as of the date of this presentation, are based on the information available at the time, and are subject to change based on market and other conditions. Robertson Stephens assumes no duty to update this information. Unless otherwise noted, any individual opinions presented are those of the author and not necessarily those of Robertson Stephens. Indices are unmanaged and reflect the reinvestment of all income or dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Past performance does not guarantee future results. Forward-looking performance targets or estimates are not guaranteed and may not be achieved. Investing entails risks, including possible loss of principal. Alternative investments are only available to qualified investors and are not suitable for all investors. Alternative investments include risks such as illiquidity, long time horizons, reduced transparency, and significant loss of principal. This material is an investment advisory publication intended for investment advisory clients and prospective clients only. Robertson Stephens only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens’ business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. © 2026 Robertson Stephens Wealth Management, LLC. All rights reserved. Robertson Stephens is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3242
Weekly Commentary
Week of April 19, 2026 – Weekly Economic Commentary
Jeanette Garretty
Euro Area inflation was 2.6% in March on a year-over-year basis, striking some observers as a surprisingly benign number given Europe’s considerable exposure to higher oil and natural gas prices. After all, US inflation in March rose 3.3%. The European measure of inflation most comparable to the US Consumer Price Index (CPI) is known as the Harmonized Index for Consumer Prices, or “HICP”, but despite the naming similarity, the calculations are quite different. The most fundamental measurement difference is in the treatment of housing services, with the HICP only incorporating actual monetary transactions for rent and home purchases and the CPI famously (or infamously) using a cost of housing known as “owners’ equivalent rent” that assesses housing inflation to properties on which there has been no sale or monetary transaction whatsoever. The upshot of the two different measurements is that housing is a much larger component of the US CPI than it is for the Euro Area HICP — 34.5% vs. 5.6%, respectively. Looking at the movement of both the US CPI and the HICP in March compared to February, one can see that the differences are less pronounced than at first glance; the CPI went from 2.4% to 3.3%, and the HICP went from 1.9% to 2.6%. Nevertheless, it is noteworthy that the energy component of the HICP only rose 5.1% in March compared to the energy component of the March CPI rising 12.1% European governments have undertaken a variety of actions designed to cushion the consumer impact of rising oil and gas prices, including providing consumption subsidies and reducing taxes on energy products, something which has not yet happened in the US. The actions are not without controversy since they will worsen budget deficits at a precarious economic time. Yet we may see more of this, both in Europe and elsewhere, as the War continues.
Data to Watch
Suggested Reading
Disclosure and Source
Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. This material is for general informational purposes only and should not be construed as investment, tax or legal advice. It does not constitute a recommendation or offer to buy or sell any security, has not been tailored to the needs of any specific investor, and should not provide the basis for any investment decision. Please consult with your Advisor prior to making any Investment decisions. The information contained herein was carefully compiled from sources believed to be reliable, but Robertson Stephens cannot guarantee its accuracy or completeness. Information, views and opinions are current as of the date of this presentation, are based on the information available at the time, and are subject to change based on market and other conditions. Robertson Stephens assumes no duty to update this information. Unless otherwise noted, any individual opinions presented are those of the author and not necessarily those of Robertson Stephens. Indices are unmanaged and reflect the reinvestment of all income or dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Past performance does not guarantee future results. Forward-looking performance targets or estimates are not guaranteed and may not be achieved. Investing entails risks, including possible loss of principal. Alternative investments are only available to qualified investors and are not suitable for all investors. Alternative investments include risks such as illiquidity, long time horizons, reduced transparency, and significant loss of principal. This material is an investment advisory publication intended for investment advisory clients and prospective clients only. Robertson Stephens only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens’ business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. © 2026 Robertson Stephens Wealth Management, LLC. All rights reserved. Robertson Stephens is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3242
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