Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens Wealth Management, LLC”), 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 Wealth Management, LLC 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 Wealth Management, LLC 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 Wealth Management, LLC. 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 Wealth Management, LLC only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens Wealth Management, LLC’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens Wealth Management, LLC’ 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 Wealth Management, LLC is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3943
Weekly Commentary
Economic Commentary: Higher, Faster, Not Better
Jeanette Garretty
Worth Watching
Higher, Faster, Not Better
Inflation is a real problem. If you are a central banker, anywhere, the proper response to that statement is “of course.” Some economists, pre-disposed to equivocating, might answer “maybe”; Exhibit No. 1 is John Maynard Keynes, who famously observed that a little inflation can be a good thing when trying to pull an economy out of the doldrums. (Exhibit No. 2 would be Japanese economists who watched the country struggle with deflation for many years.) The US inflation numbers released last week for consumer prices, producer prices and import prices put great emphasis on the reality, however: upward pressure on prices has now spread across the US economy, appears to be accelerating, is no longer attributable to “special statistical circumstances” such as the calculation of rent, and has caused real wages — wage growth in excess of inflation— to fall. Furthermore, as has become increasingly apparent, the cumulative effect of years of elevated inflation has raised price levels to a pain point for many households.
Some business leaders in some industries are starting to worry. Recently, airline executives in Europe speculated on the degree to which households made poorer by the higher cost of everything will have to, at some point, curtail their traveling. One specific concern for the industry is that price cuts, the tried-and-true manner for dealing with a decline in demand for airline tickets, may not be possible in light of higher-for-longer jet fuel costs.
The moment at which everyone begins to think that the future will look exactly like the recent past is often the moment that things change. Der Mensch Tracht, un Gott Lacht (Man Plans and God Laughs.) The Federal Reserve currently sees inflation decelerating significantly in 2027. Wage growth might yet pick up as labor markets tighten even more. The Strait of Hormuz might successfully open. There are some less positive things that might happen as well to slow the price increases. Until then, people (including central bankers) are unhappy, budgets are squeezed and the US midterm elections are two weeks away.
Suggested Reading
Disclosure and Source
Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens Wealth Management, LLC”), 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 Wealth Management, LLC 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 Wealth Management, LLC 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 Wealth Management, LLC. 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 Wealth Management, LLC only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens Wealth Management, LLC’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens Wealth Management, LLC’ 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 Wealth Management, LLC is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere. A3943
Talk To Us