Robertson Stephens Weekly Commentary – March 23, 2026

As we enter week four of the Middle East War, with interest rate decisions by the Bank of England, the ECB (European Central Bank), and the Federal Reserve all recently put behind us (all of them choosing to leave rates unchanged), the near-term focus is on oil and gas prices and the Strait of Hormuz. U.S. equity indexes finished lower in a volatile week shaped by geopolitical tensions and resulting volatility in oil prices, persistent inflation concerns, and a somewhat hawkish interpretation of the Federal Reserve’s latest policy signals. On the wealth planning front, we discuss the proposed "Millionaires Tax" in Washington state.