October Recap: Monthly Roundup
Executive Summary Markets extended their rally in October, rising for a sixth straight month and hitting new highs despite weakening breadth. Parallels to the late 1990s, marked by narrow leadership, expensive valuations, and transformative tech, continue to fuel debate of a bubble. While today’s AI leaders are fundamentally stronger than their dot-com era peers, questions […]
Q3 2025 Commentary
As we move into the final quarter of 2025, markets are navigating a complex mix of slowing growth, stubborn inflation, shifting policy, and renewed political uncertainty. The third quarter reinforced that the U.S. economy remains resilient but uneven, with momentum varying sharply across sectors. The government shutdown that began at the start of the new […]
October 2025 Recap
Economic Commentary Last week’s FOMC meeting, the most significant market event in a data-starved month, triggered a brief sell-off in both equity and bond markets; however, we view the overall economic backdrop as steady and gradually improving. As we enter Q4, labor demand remains steady, and consumer spending continues at a pace consistent with ongoing […]
Watching the Data: Growth Holds, Labor Questions Remain
In the aftermath of the Federal Open Market Committee (FOMC) meeting last week, economic numbers available from non-federal government sources will be increasingly scrutinized for confirmation of continued U.S. economic strength. Fed Chairman Powell’s discussion of dissent on the FOMC regarding the future path for interest rates ( or, more accurately, the speed of future interest […]
S&P Gains Mask Underlying Market Exhaustion
Executive Summary Last week, large-capitalization S&P 500 stocks advanced 0.7%, but small stocks lagged. The three material items for the week included broadly positive big tech earnings, the Fed meeting featuring an expected 25 basis point (bps) cut, and the end of quantitative tightening[1] as of 12/1/25, along with a warning that another cut in […]
Did the Fed Weaken the Bullish Argument?
By John Lau, CPA, CFP® November 1, 2025 – Federal Reserve Chair Jerome Powell gave markets a bit of a surprise last Wednesday. His comments sounded more hawkish (meaning less eager to cut rates) than many investors expected. Up until his press conference, markets were almost certain—about 90%[1] sure—that the Fed would cut interest rates […]
Robertson Stephens Reaches $8 Billion in Assets
Robertson Stephens Wealth Management, LLC (“Robertson Stephens”) exceeds $8 billion in client assets, while also growing its national presence in the Northeast region with two new advisor teams. The firm now has 26 advisor teams in 25 offices across the country.
Investment Commentary – October 27, 2025
Executive Summary Investors are gearing up for a pivotal week, as Big Tech earnings and an expected U.S. interest rate cut could set the country’s economic trajectory for the rest of the year. A cooler than expected inflation report on Friday sent stocks to fresh highs as traders bet the Federal Reserve will trim the cost of borrowing […]
Economic Commentary – October 27, 2025
It’s back to Trump Time, it’s Trade Time, All The Time. A successful tour of Asia to negotiate favorable trade deals would go a long way toward easing the concerns of the Federal Reserve — and the US business community — about the negative impacts on economic growth from trade confrontation. There is also the issue […]
Five Charts for the Week That Was: October 24, 2025
Chief Economist Jeanette Garretty provides 5 economic charts covering topics including home insurance, rare earths, credit card delinquencies, gold, and apartment rent.
Investment Commentary – October 20, 2025
Equities The S&P 500 returned 1.1% for the week amid continued optimism around AI, a strong start to the earnings season, from large banks, and increasing hopes for further rate cuts from the Fed. Markets looked past trade tensions with China and emerging credit issues at regional banks as Fed Chair Powell signaled that the […]
Quarterly Letter: The Political Limits of Growth
By Avi Deutsch October 10, 2025 – As I write this, the U.S. government remains shut down as Congress once again fails to agree on a path to keep the government funded. Government shutdowns have been a feature of American politics since the 1980s, but they have been increasing in frequency and length. The last […]