Robertson Stephens Weekly Commentary – February 10, 2025

The most notable number for this week is the number from Friday of last week— but NOT the nonfarm payrolls number, despite its importance. The Michigan Survey of Consumer Confidence caught almost everyone unaware, both the decline in the figure and, especially, the sharp spike in one-year inflation expectations. Non-U.S. equities are benefiting from central banks cutting rates and economic data that is holding in ok. The Bank of England cut interest rates last week, and some of its committee members wanted a bigger cut. Overall, it sent dovish ripple effects across markets resulting in another higher bounce in broader European equities. On the wealth planning front, we discuss what policy shifts can affect your long-term wealth strategy.