Robertson Stephens Weekly Commentary – August 24, 2026

The speech by the Chairman of the Federal Reserve on the last full day of the Jackson Hole Economic Policy Symposium is always a highly anticipated event. This year it arguably carries more immediate significance than usual, as Chairman Warsh’s words will be delivered in the shadow of both his previous FOMC press conference and the recent actions of Secretary Scott Bessent— neither of which was particularly well received by global bond markets. 30-year Treasury yields often serve as a vote on the credibility of both Warsh and Bessent and will be closely watched throughout the week. Last week, the S&P 500 returned -1.4% as hopes for a deal to end the war in the Middle East faded; oil prices and Treasury yields rose. Semiconductor stocks fell. The US Treasury announced a plan to increase long-term Treasury purchases, though the relief in bond yields proved temporary. Mid-cap (-1.2%) and small-cap (-1.6%) stocks fell in line with large caps. On the wealth planning front, we discuss corporate trustee structures and key considerations when choosing who will administer and oversee a trust.