Powell, Rate Cuts, and Stagflation Risks
By John Lau, CPA, CFP® September 2, 2025 – Markets surged following Fed Chair Jerome Powell’s Jackson Hole speech, where he struck a more dovish tone and openly signaled that a September rate cut is on the table. That shift fueled aggressive rate-cut assumptions, propelling cyclical sectors, small caps, and broad indices higher. On the […]
What Could Possibly Go Wrong? (Four Candidates for Market Mayhem)
By John Lau, CPA, CFP® August 1, 2025 – Since the market bottomed on April 8, stocks have been on a near uninterrupted climb, with the S&P 500 hitting new all-time highs. What’s driving this rally? A potent cocktail of improved trade clarity, stable economic data, a drama-free Washington (relatively speaking), a solid start to […]
New Tax Law: 7 Big Changes You Should Know About
By John Lau, CPA, CFP® July 23, 2025 – You’ve likely heard about this from every possible media channel. A sweeping new tax law just hit the books: the “One Big Beautiful Bill Act,” and it could represent a big overhaul to household finances. Think of it like a home renovation. The 2017 tax cuts […]
Stocks Complete an Impressive Rebound in Q2
By John Lau, CPA, CFP® July 2, 2025 – Market volatility spiked in the second quarter as the S&P 500 dropped sharply in early April following the announcement of sweeping reciprocal tariffs, although those initial losses were slowly and steadily recouped over the remainder of the quarter as initial tariff rates were reduced while economic […]
Where Do We Stand with Tariffs and How Important Are They for Markets?
By John Lau, CPA, CFP® June 2, 2025 – Last week brought unexpected volatility to U.S. trade policy. The Court of International Trade blocked most of the administration’s 2025 tariffs, ruling that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to impose such tariffs. But within 24 hours, the […]
Breaking Down the House’s “One Big Beautiful Bill”: What It Means for Taxpayers
By John Lau, CPA, CFP® May 22, 2025 – In a dramatic overnight session on May 22, 2025, the U.S. House of Representatives narrowly passed the “One Big Beautiful Bill” (H.R. 1) by a single vote (215–214). This sweeping legislation, championed by President Donald Trump, aims to reshape the nation’s tax landscape, with significant implications […]
What’s Developing on the Tariff Front: Legal Challenges to Trump’s Tariffs
April 30, 2025 – The tariff drama will soon enter a new phase, as 13 states have filed suits to challenge Trump’s tariffs. The goal is to reverse the President’s tariffs and limit the White House’s power to unilaterally impose tariffs without going through Congress. The outcome of the lawsuits can have the potential to […]
Policy Uncertainty and Tariff Threats Create Market Volatility
April 1, 2025 – Volatility gripped markets in the first quarter of 2025 and the major stock indices declined as chaotic U.S. trade and tariff policies caused a steep plunge in business and consumer confidence, which raised concerns that economic growth would dramatically slow and corporate earnings growth would disappoint. Stocks started the new […]
The New Trade War: Lessons from 2018-2020 and What’s Next
By John Lau March 6, 2025 – Trade policies don’t always make headlines, but when they do, it’s usually because they’re creating disruptions. With tariffs expanding and global trade relationships shifting, the current landscape demands a closer look. Recent developments have introduced significant uncertainties for businesses, investors, and policymakers, and I felt it was important […]
Client Testimonials – John Lau, CPA, CFP®
Testimonials provided by current clients of Robertson Stephens. Testimonials may not be representative of the experience of other customers and are no guarantee of future performance or success. “When reflecting upon the lives and circumstances of others, I feel a deep sense of gratitude and appreciation for coming across a John Lau seminar in 2017 at […]
Is the U.S. economy losing momentum?
By John Lau February 28, 2025 – One of the main reasons stocks have declined over the past week is due to concerns that the U.S. economy is losing momentum, and much of the concern is coming from weak sentiment surveys vis-a-vis hard economic data. So, do other market metrics echo these growth concerns? To […]
What Would Cause the Fed to Cut Rates Again?
By John Lau January 31, 2025 – On Wednesday, the Fed made no change to interest rates, as expected. Turning to Powell’s press conference, I do think the Fed used the meeting to convey that unless inflation declines further or growth rolls over, rates aren’t declining anytime soon. From a market standpoint, the net impact […]