Robertson Stephens Weekly Commentary – September 22, 2025

Amid the focus last week on the FOMC meeting and the interest rate decision, the threat of a government shutdown wasn’t a dominant issue; there is only so much conflict one can handle at one time. However, the looming deadline for funding the federal government after the current fiscal year ends on September 30 is now the number one topic in Washington, DC. The Fed cut interest rates as expected by 0.25% to 4.25%. The market response was bullish for riskier assets but did not do much for bonds. The bond market was pricing in three cuts before year-end, prior to the meeting, and three more after, then into next year; the bond market is now pricing in two more cuts. On the wealth planning front, we discuss the Fed rate cut and how it could affect your debt.