Robertson Stephens Weekly Commentary – April 20, 2026

Euro Area inflation was 2.6% in March on a year-over-year basis, striking some observers as a surprisingly benign number given Europe’s considerable exposure to higher oil and natural gas prices. After all, US inflation in March rose 3.3%. Last week, markets absorbed a failed ceasefire deal and a US naval blockade of Iranian ports to close at a new all-time high. The S&P 500 returned 4.5% for the week and rose to an all-time high amid optimism that the Iran war is close to an end; oil prices and treasury yields fell. On the wealth planning front, we discuss how today’s low-tax environment creates a window to lock in favorable rates before they potentially rise.