ROBERTSON STEPHENS WEEKLY COMMENTARY – JUNE 10, 2024

As expected, the decision by the European Central Bank (ECB) last week to cut its benchmark interest rate to 3.75% from 4% establishes considerable creative tension for the June 12 meeting of the US Federal Open Market Committee meeting. Heightening the drama, however, will be the May US Consumer Price Index released earlier that same morning. Last week, May non-farm payrolls data came in above expectations. This type of robust employment report puts pressure on the Fed to hold off on cuts and push them later into the year. However, there are three recent signs that the tight employment picture is loosening. On the wealth planning front, we discuss the “Dirty Dozen” tax scams that was published by the IRS.