Robertson Stephens Weekly Commentary – May 12, 2025

The economic news starts to get interesting on Tuesday, and will continue from there, kicked off by the Consumer Price Numbers for April. It will be a long wait for perhaps the most substantive information on the impact of tariffs — the second quarter earnings reports, which will start in July— but hard data for the second quarter is starting to emerge from the fog. Last week, the markets closed on a cautious note, with both stocks and bonds fluctuating amid anticipation of renewed trade negotiations between the world’s two largest economies. Investors showed restraint, avoiding riskier positioning amid speculation that, while the upcoming discussions between Chinese and American officials might mark a diplomatic thaw, a meaningful agreement will likely require several rounds of dialogue. On the wealth planning front, we discuss preliminary insights into the House tax bill.