Robertson Stephens Weekly Commentary – March 31, 2025

This wake-up is a bit more than usual, an old-fashioned jangly alarm clock disrupting a fitful sleep. Significant tariffs will be imposed by the US this week on a wide variety of products and trading partners. At the same time, previously imposed trade actions (especially steel and aluminum tariffs), federal employment reductions, and federal health care spending cuts are starting to take effect. Last week, stocks declined, and bonds rallied as fresh signs of economic weakness and renewed inflation fears disturbed markets. The S&P 500’s closed down 4.4% over the quarter. In particular, Tech Mega-Caps were hit hard. Meanwhile, the yield on 10-year Treasuries fell approximately 10 basis points to ~4.25% as investors sought safety. On the wealth planning front, we discuss rising costs, Roth IRAs, and Social Security expectations.