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Clear all filters- Goldman Sachs25 min
‘Affordability’: Consumer Concerns and Government Proposals
David Mericle, Alec Phillips, Allison Nathan
Amidst a persistent housing affordability crisis driven by regulatory constraints and construction labor shortages, the administration has relied on reactive executive orders to utilize Fannie Mae and Freddie Mac capacity rather than enacting comprehensive legislative reforms. While these measures aim to modestly lower mortgage rates through increased mortgage-backed security purchases and a ban on institutional single-family home purchases, they fail to address the root causes of supply scarcity or deliver immediate price relief for homeowners. Future policy focus is expected to shift toward zoning incentives and speculative tariff rebates, though significant progress remains hindered by the need for congressional approval and the long-term nature of structural housing deficits.
- Goldman Sachs23 min
Amid rising inflation and slowing growth, how is the U.S. consumer faring?
David Mericle, Kate McShane, Eric Sheridan, Allison Nathan
Goldman Sachs economists project U.S. consumption growth will stabilize near 1% in late 2022 and 2023 as falling household wealth and the expiration of pandemic stimulus offset modest gains in real disposable income. While retail growth remains price-driven with consumers prioritizing essential goods over big-ticket items, the technology sector faces a shift toward lower single-digit growth rates focused on free cash flow visibility. Looking ahead, industry participants anticipate normalized supply chains and a balanced mix of unit and price growth in 2023, though retailers must manage elevated inventory levels through targeted promotions to offset slowing demand.