Robertson Stephens Weekly Commentary – October 20, 2025

The release of the Federal Reserve’s Summary of Commentary on Current Economic Conditions —aka “The Beige Book”—received considerable attention last week. The Beige Book is always a useful document for economists and thought-leaders willing to go beyond the headlines and the mostly backward-looking economic statistics. The S&P 500 returned 1.1% for the week amid continued optimism around AI, a strong start to the earnings season from large banks, and increasing hopes for further rate cuts from the Fed. Markets looked past trade tensions with China and emerging credit issues at regional banks as Fed Chair Powell signaled that the Fed remained on track to cut interest rates further to support the labor market. On the wealth planning front, we discuss the current Medicare open enrollment period.