Robertson Stephens Weekly Commentary – August 4, 2025

The flood of economic data last week measured up to all expectations — and probably exceeded more than a few. Collectively, the data painted a picture that most people had already sketched out, one of slowing economic growth, some upward pressure on prices, and a Federal Reserve facing murky uncertainties. Last week, U.S. stocks were down and bonds up (price up / yield down). The S&P 500 outperformed the MSCI Emerging Markets and MSCI EAFE indices. As for fixed income, the 10-year. Treasury yield fell 17 bp on the week to 4.21%. The best performing parts of the bond market were treasuries, MBS, and investment-grade corporates. High-yield bond spreads were up on the week to 301 bps, but still well off recent highs of 453 bps. On the wealth planning front, we share an update on what's happening with renewable energy incentives.