Investment Commentary – October 14, 2024
Equities The S&P 500 returned 1.1% for the week and ended at a new all-time high. After choppy trading amid concerns that the strength of the economy may slow the pace of rate cuts, markets moved higher on Friday on the back of strong earnings from the major banks. The technology (+2.5%) and industrials (+2.1%) […]
Wealth Planning Commentary – October 14, 2024
Income Tax Planning for the TCJA Sunset Last week, we explored the income tax implications of the Tax Cuts and Jobs Act (TCJA) sunset. Today, let’s turn our attention to estate tax considerations. The TCJA, enacted in 2017, will expire at the end of next year. While Congress may extend it, planning for the current […]
Don’t Fight the Tape and the Fed
September 30, 2024 Good morning, The S&P 500 Index has been setting marginally higher new highs the past two weeks, spurred on by the Fed’s rate cut and China’s massive stimulus programs. That distills down to a strong Tape (“Don’t Fight The Tape”) and an accommodative Fed (“Don’t Fight The Fed) – the first 2 […]
Quarterly Letter: Navigating Resilience and Uncertainty
October 10, 2024 – The best adjective to describe the US economy in the first three quarters of 2024 is ‘resilient’. Despite high interest rates, extensive layoffs, the threat (and promise) of AI, global geopolitical turmoil, and internal political uncertainty, the US economy continues to grow at a steady clip. Recent estimates suggest that Gross […]
Robertson Stephens Opens 1st Office in Greater Chicago Area, Hits $7 Billion in AUM
CAFG Private Wealth joins Robertson Stephens, opens new office in North Barrington, IL. SAN FRANCISCO, October 8, 2024—Robertson Stephens Wealth Management, LLC (“Robertson Stephens”) is pleased to announce the acquisition of CAFG Private Wealth, a registered investment advisor managing over $240 million in assets and specializing in comprehensive financial planning and tax preparation. Tom Chernesky, founder […]
Economic Commentary – October 7, 2024
This week largely will be about last week. After numerous Federal Reserve officials (as expected) tamped down expectations for 50 bps rate cuts as the “new normal,” Friday’s boffo nonfarm payrolls report for September put to bed the notion that more aggressive Fed rate cutting was needed to boost a rapidly weakening US economy. Over […]
Investment Commentary – October 7, 2024
Market Summary Last week, stocks were mixed, and bonds were down (price down/yield up). The MSCI Emerging Markets index outperformed the S&P 500 and the MSCI EAFE non-US developed index. As for fixed income, the 10 year treasury yield rose 23 bps on the week to 3.98%, and the 2yr – 10yr treasury yield spread […]
Wealth Planning Commentary – October 7, 2024
Income Tax Planning for the TCJA Sunset As we approach the sunset of the Tax Cuts and Jobs Act (TCJA), it is essential to consider the income tax implications that will take effect on January 1, 2026. This is current law, and while discussions around potential changes continue, we will focus on the legislative framework […]
September 2024 Recap
Economic Highlights In the month of September, the U.S. economy showed signs of stability and moderate growth despite some softer employment trends. The Personal Consumption Expenditure (PCE) price index, a key measure of inflation, rose by 2.2% year-over-year in August, down from 2.5% in July, indicating that inflation is moving closer to the Federal Reserve’s […]
Fed Rate Cuts and Solid Earnings Overcome Rising Economic Anxiety
By John Lau October 1, 2024 – Markets were volatile in the third quarter as investors faced political turmoil and a slowing of the economy, but the return of Fed rate cuts and solid corporate earnings helped to offset those political and economic anxieties, and the S&P 500 hit another new all-time high and finished […]
Recent Thoughts on the Fed Rate Cut
September 30, 2024 Chief Investment Officer Stuart Katz and Chief Economist Jeanette Garretty discuss their thoughts on the most recent Fed rate cut. Disclosures 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 […]
Quiet Week / Short Note
September 23, 2024 Good morning, As the dust settles on the Fed’s larger-than-expected rate cut and accompanying projections last week, we enter a relatively quiet week ahead. The economic calendar is light outside Friday’s PCE report (Personal Consumption Expenditures Price Index). It is not a top-tier economic report, but it will get attention in a […]