Robertson Stephens Weekly Commentary – November 10, 2025

There are a lot of under-appreciated economic impacts from the US federal government shutdown. For example, the suspension of SNAP payments not only catastrophically affects poor families and seniors but also the grocers and farmers who supply the food that would be purchased with the SNAP monies. The stock market has stayed resilient with sporadic pullbacks and shots of volatility. We expect this choppiness to continue into year-end. The real story remains the same: The economy has been resilient, the consumer has been resilient, and the Fed has cut rates in an economic expansion due to an increased focus on a weakening labor market. On the wealth planning front, we review year-end tax priorities before the OBBBA changes kick in.