Latest Interviews
Showing 1–11 of 11 transcripts.
Clear all filters- Goldman Sachs23 min
Why the Fed’s Hawkish Turn Could Support the AI Boom
Tony Pasquariello, Josh Schiffrin, Dominic Wilson
New Federal Reserve Chair Warsh signaled a data-dependent approach focused on price stability while the committee's uncertain dot plot and absence of forward guidance prompted a hawkish market reaction. Panelists interpret current conditions as a mid-cycle adjustment driven by falling oil prices from geopolitical shifts and resilient AI-driven equity momentum rather than impending recession. This unique environment, characterized by rapid narrative shifts and robust capital absorption, suggests a high-velocity economic landscape distinct from the stagnation of previous years.
- Goldman Sachs25 min
Can the Asia Equity Rally Continue?
Following a neutral Trump-Xi summit that stabilized diplomatic expectations, Goldman Sachs analysts upgraded Chinese A-share earnings forecasts to 25% while highlighting a stark performance divergence between onshore equities and offshore stocks weighed down by major tech underperformance. The firm projects a sustained semiconductor supercycle driven by artificial intelligence demand, yet warns of near-term tactical overbought conditions in North Asian memory giants alongside concentrated market risks in Korea. Despite structural improvements in Japanese corporate governance and political stability fueling a 20% Nikkei surge, the discussion notes global valuations remain stretched and vulnerable to potential energy supply shocks or tech chain disruptions.
- Goldman Sachs23 min
Goldman Sachs Exchanges: Outlook 2026 | Episode 2: Regional Perspectives
David Mericle, Andrew Tilton, Jari Stehn, Alison Nathan
Goldman Sachs economists David Miracle, Andrew Tilton, and Yari Stein outline regional economic forecasts for 2026, projecting 2.5% US growth driven by tax cuts and Fed rate reductions alongside a resilient 4.8% expansion in China fueled by manufacturing competitiveness. The analysis highlights contrasting monetary trajectories, including the Bank of Japan's aggressive tightening to 0.75% and the ECB's projected rate hold, while warning of US labor market uncertainties and European structural weaknesses. These insights, recorded on January 7, 2026, serve as the second installment of the Outlook 2026 series, setting the stage for subsequent asset class discussions.
- Goldman Sachs24 min
Will the Fed cut rates in December?
Analysts project a tight December Federal Reserve decision amid data gaps from the government shutdown, while market volatility reflects a recalibration of the AI growth narrative and a corporate shift toward leveraging debt. Corporate sentiment signals an inflection point in capital allocation as hyperscalers increase borrowing and reduce headcounts to chase AI efficiency, echoing historical leverage cycles. Simultaneously, geopolitical shifts and unexpected policy output from the 2025 administration are reshaping global trade flows and currency trends despite persistent inflationary stickiness.
- Goldman Sachs21 min
The Fed's Tightrope: Inflation, Labor, and the Path Ahead
Rob Kaplan, Allison Nathan, Robert Kaplan
Dallas Fed President Robert Kaplan warns that the Federal Reserve faces a difficult December decision on interest rates as conflicting signals from tariffs, immigration uncertainty, and recent government shutdowns complicate the labor market outlook. With inflation running above target and structural mismatches limiting the efficacy of monetary policy, Kaplan argues that immediate cuts carry risks and suggests waiting for clearer data on 2026 growth drivers like AI infrastructure and tax incentives. While political pressure for lower rates exists, Kaplan maintains that the Fed's independent culture remains robust, though he anticipates potential shifts toward long-term bond purchases to manage the balance sheet.
- Goldman Sachs26 min
How Reliable is Economic Data?
Erica Groshen, Arthur Laffer, Alberto Cavallo, Joseph Briggs, Allison Nathan
Recent concerns regarding the reliability of U.S. economic data stem from funding cuts, a 15–20% staffing reduction at the Bureau of Labor Statistics, and the dismissal of its Commissioner by President Trump. Goldman Sachs research indicates that these operational constraints and declining survey responsiveness are increasing standard errors in key indicators like the CPI and JOLTS, creating a risk of data divergence. While current safeguards and institutional checks may prevent a total collapse of credibility, analysts warn that prolonged political interference and resource depletion could eventually erode market trust to the extent seen in Argentina.
- Goldman Sachs21 min
Chairman and CEO David Solomon Joins CNBC to Discuss M&A Outlook, Opportunities for Europe, and AI
David Solomon, Sarah, Carl, Megan Casella
Goldman Sachs CEO David Solomon reported a 22% year-over-year profit surge driven by record equity trading volumes and a 30% rise in M&A activity, projecting a robust market environment through 2026 amid accelerating AI-driven investment. While anticipating constructive regulatory reforms and slightly higher economic growth, Solomon warned of long-term fiscal risks and emphasized the critical importance of maintaining Federal Reserve independence following recent political speculation regarding Jerome Powell. Additionally, the firm advocates for policy changes to support New York City's housing supply and business climate, signaling an active role in shaping future economic and regulatory landscapes.
- Goldman Sachs26 min
Will tariffs lead to a recession?
Paul Krugman, Jan Hatzius, Oren Cass, Allison Nathan
Prominent economists Paul Krugman, Jan Hatzius, and Oren Cass debated the Trump administration's historic tariff expansion, which Krugman identifies as an unprecedented economic shock and Hatzius projects will reduce GDP growth by two percentage points while raising recession probabilities to 45%. While Krugman warns that policy uncertainty will stifle business investment and Hatzius cautions that the Federal Reserve faces a difficult trade-off between inflation and stagnation, Cass argues the measures represent a necessary structural correction to global supply chains that will eventually stimulate domestic production. The panel concluded that although immediate data lags obscure the full extent of damage, the severity of the downturn will ultimately depend on the Federal Reserve's ability to balance conflicting price and employment mandates against a backdrop of rapidly shifting trade policy.
- Goldman Sachs20 min
Should investors worry about market concentration?
David Kostin, Owen Lamont, Alison Nathan
Strategists David Kostin and Owen Lamont converge on the projection that U.S. equity markets face a decade of sub-10% returns driven by extreme concentration and elevated valuations, though they diverge on whether the top ten stocks' dominance itself constitutes the primary risk. Kostin warns that the current 36% market cap concentration creates a negative equity risk premium and recommends shifting to equal-weighted indices, while Lamont argues that future volatility will stem from AI-driven creative destruction and mean reversion rather than portfolio structure. Both analysts acknowledge that the sustainability of the "magnificent seven's" growth and potential AI bubbles remain critical variables that could accelerate a decline in market performance over the next ten years.
- Goldman Sachs44 min
Adm. Timothy J. Keating, USN (Ret.) and Brig. Gen. Robert S. Spalding III, USAF (Ret.)
Timothy J. Keating, Robert S. Spalding III, Admiral Timothy Keating, Brigadier General Robert S. Spalding III, Norman Nye, Tim Keating, Rob Spalding
Hosted by Goldman Sachs's Norman Nye on April 15, 2020, Admiral Timothy Keating and Brigadier General Rob Spalding assessed how the COVID-19 pandemic accelerated U.S.-China geopolitical rivalry, particularly regarding Taiwan, supply chain decoupling, and 5G surveillance infrastructure. The experts concluded that the crisis would permanently shift global alignment toward a "democratic bloc" prioritizing national security over economic integration, forcing a reshoring of critical industries and tighter restrictions on Chinese technology. They further warned that economic strains could provoke China to employ gray zone tactics while the United States pivots toward strengthening alliances in the Indo-Pacific, India, and Latin America.
- Goldman Sachs29 min
Financial Roadmap - Goldman Sachs 2020 Investor Day
Goldman Sachs has outlined a three-year strategic plan targeting a Return on Equity exceeding 13% and an efficiency ratio of 60% by driving revenue growth, reducing the cost of funds, and implementing a $1.3 billion expense initiative. The firm aims to lower its funding costs by diversifying liabilities to reach a 50% deposit mix and will allocate capital toward high-return opportunities while returning excess value to shareholders through flexible buybacks and dividends. Under this framework, the Global Markets segment seeks to lift its ROE to 10% while new consumer and transaction banking initiatives are projected to reach break-even status within the medium-term horizon.