Loading . . .
We are a national wealth management firm servicing entrepreneurs, business owners, executives, family offices, and institutions.
Learn about the rich history of the firm and today’s mission for our clients.
View our national presence with our offices across the country.
Meet our leadership team at the firm and learn how we support advisors.
Learn more about how we help advisors in the Solutions section! Find out more about our culture, central resources, investments, wealth planning, technology, marketing, and how we empower our advisors.
“I joined Robertson Stephens because I saw an opportunity to collaborate with a group of extremely talented individuals to bring a truly institutional-grade experience to wealth management.”
Michael Ridgeway
Learn more about our insights in the Resources section! Find helpful articles and news from our leadership, including our Investment Office, Chief Economist and Wealth Planning Team.
We are a national wealth management firm servicing entrepreneurs, business owners, executives, family offices, and institutions.
Learn about the rich history of the firm and today’s mission for our clients.
View our national presence with our offices across the country.
Meet our leadership team at the firm and learn how we support advisors.
Learn more about how we help advisors in the Solutions section! Find out more about our culture, central resources, investments, wealth planning, technology, marketing, and how we empower our advisors.
“I joined Robertson Stephens because I saw an opportunity to collaborate with a group of extremely talented individuals to bring a truly institutional-grade experience to wealth management.”
Michael Ridgeway
Learn more about our insights in the Resources section! Find helpful articles and news from our leadership, including our Investment Office, Chief Economist and Wealth Planning Team.
Economic Commentary – March 10, 2025
It is a measure of how worried investors are about economic growth when Fed Chairman Powell pushes the equity markets UP by signaling no that interest rate cuts are coming any time soon. A few short months ago, this message from the Fed would have been viewed as a cold, wet blanket on a smoking hot fire. Instead, Powell’s affirmation that the US economy is doing just fine without any special help from the Fed relieved a fair amount of stagflation jitters. Nevertheless, it is worth remembering that Chairman Powell has had his fair share of problematic “reads” on the economy. Indeed, buried in the employment numbers for February was cause for lingering concern: the household survey, in contrast to the establishment survey increase of 151,000 net new jobs created, actually showed a decline in jobs (-588,000) in February and an unusually large 300,000+ people left the labor force (stopped looking for work) during the month. Unlike “data-driven” Fed officials, equity markets are commonly characterized as looking 7-9 months into the future, an exceedingly challenging task given developments such as the sharp increase in private sector layoff announcements (see chart; pun intended). Many of these job announcements are not what they seem, in some cases representing the closing of unfilled job postings and, in other cases, achieved through normal employee turnover and attrition. Yet the magnitude of the announced job cuts — the largest since July 2020 and the biggest February number since February 2009—is a reminder to keep one eye firmly focused on the direction of consumer spending in the coming months. By the way, the other eye can be forgiven for drifting off to contemplate the falling US dollar; it is good news for exporters and President Trump’s trade wars, but it is not particularly helpful to an overstretched household budget.
Data to Watch:
Suggested Reading:
Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. This material is for general informational purposes only and should not be construed as investment, tax or legal advice. It does not constitute a recommendation or offer to buy or sell any security, has not been tailored to the needs of any specific investor, and should not provide the basis for any investment decision. Please consult with your Advisor prior to making any Investment decisions. The information contained herein was carefully compiled from sources believed to be reliable, but Robertson Stephens cannot guarantee its accuracy or completeness. Information, views and opinions are current as of the date of this presentation, are based on the information available at the time, and are subject to change based on market and other conditions. Robertson Stephens assumes no duty to update this information. Unless otherwise noted, any individual opinions presented are those of the author and not necessarily those of Robertson Stephens. Indices are unmanaged and reflect the reinvestment of all income or dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Past performance does not guarantee future results. Forward-looking performance targets or estimates are not guaranteed and may not be achieved. Investing entails risks, including possible loss of principal. Alternative investments are only available to qualified investors and are not suitable for all investors. Alternative investments include risks such as illiquidity, long time horizons, reduced transparency, and significant loss of principal. This material is an investment advisory publication intended for investment advisory clients and prospective clients only. Robertson Stephens only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Robertson Stephens’ current written disclosure brochure filed with the SEC which discusses, among other things, Robertson Stephens’ business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. © 2025 Robertson Stephens Wealth Management, LLC. All rights reserved. Robertson Stephens is a registered trademark of Robertson Stephens Wealth Management, LLC in the United States and elsewhere.
Similar Readings