Robertson Stephens Weekly Commentary – September 29, 2025

It will be quite some time before the most significant effects of a less restrictive monetary policy become apparent. New home sales, for example, have already picked up as lower mortgage rates have combined with builder incentives to lower purchase prices, yet the far-larger market for existing home sales remains constrained by high price points. The economy appears to remain resilient, and the Fed is cutting rates in the middle of an economy that is slowing but still expanding. Historically, such conditions have been bullish for risk assets. According to Franklin Templeton, in the last 50 years, there have been eight instances where the Fed resumed cutting interest rates after a pause. This is currently the ninth instance. On the wealth planning front, we discuss a significant opportunity for homeowners that is set to expire at the end of the year: home energy tax credits.