Robertson Stephens Weekly Commentary – May 27, 2025

Congress is on Memorial Day holiday until June 3 (yes, they do get better benefits than most people!), although returning to their districts and (maybe) meeting with constituents may be anything but a holiday for Representatives and Senators this year. Emotions continue to run high over the economic provisions of the House-passed tax and spending bill, with some Senators arguing for significant changes. Equities, bonds, and the dollar all retreated last week amid renewed focus on the U.S. budget deficit and rising debt. Fresh tariff threats were also a reminder that trade developments remain, as evidenced by the equity markets’ decline and recovery in response to the threat and “kick the can” headlines related to European tariffs. On the wealth planning front, we share key provisions to watch from the tax bill recently passed by the House as it heads to the Senate for approval.