Robertson Stephens Weekly Commentary – October 19, 2026

Inflation is a real problem. If you are a central banker, anywhere, the proper response to that statement is “of course.” Some economists, pre-disposed to equivocating, might answer “maybe”; Exhibit No. 1 is John Maynard Keynes, who famously observed that a little inflation can be a good thing when trying to pull an economy out of the doldrums. Last week, stock prices were mixed, and bond prices were up (yields down). The MSCI EAFE (non-US developed) outperformed the S&P 500 and MSCI Emerging Markets indices. The best-performing sectors in the S&P 500 were consumer staples, energy, and health care. On the wealth planning front, we discuss how marriage can impact income taxes and estate planning, creating both financial advantages and potential tax penalties.