Robertson Stephens Weekly Commentary – October 28, 2024

After two marginally interesting weeks of US economic data, patient observers will now be rewarded with almost more than can be readily absorbed. Multiple measures of growth, most of which are expected to describe an expanding, possibly accelerating, economy, will arrive on the very threshold of US elections, guaranteeing headlines and perhaps some controversy. A positive corporate profit backdrop and expectations of Fed rate cuts have sustained the risk on phase. Although policy rate cuts will likely not match the expectations previously priced in the US forward market, the Fed will likely ease more over time. For now, the positive outlook of global profits and lower policy rates favor risk assets. On the wealth planning front, we discuss the Medicare open enrollment period and prescription drug updates.