Robertson Stephens Weekly Commentary – March 24, 2025

With the Trump Administration’s “major” reciprocal tariffs scheduled to be announced — and possibly take effect— on April 2, the focus is increasingly on the possible production and employment impacts of tariffs. The Administration itself has warned that there will be an “adjustment” period for the economy, and it is the nature of those adjustments, as perhaps illuminated by past tariff actions, that has generated considerable interest and speculation. US equity markets finished the week up after four consecutive weeks of negative returns. Markets were focused on the Fed’s Summary of Economic Projections, which showed that the Fed expected slightly slower economic growth and slightly higher inflation. However, Chairman Powell calmed market fears at the news conference after the FOMC meeting, where he signaled that the Fed was not overtly concerned with either economic growth (recession risks are “not high”) or inflation (impact of tariffs may be “transitory.”) On the wealth planning front, we provide an update regarding the reporting of beneficial ownership information (BOI) under the Corporate Transparency Act.