Latest Interviews
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Clear all filters- Goldman Sachs8 min
New Worries
Josh Schiffrin, Chris Hussey, Josh Shiprin
Goldman Sachs Chief Strategy Officer Josh Shiprin highlighted that geopolitical instability and surging oil prices have overshadowed recent payrolls data, creating a complex stagflationary environment that complicates the Federal Reserve's outlook. While maintaining confidence in an impending rate cut, Shiprin warned that the duration of the conflict could alter the timing of reductions and urged investors to adopt a long-term strategy focused on a steepening U.S. 2s10s yield curve amidst heightened market uncertainty.
- Goldman Sachs10 min
The Fed Cut Playbook
Josh Schiffrin, Mike Washington
Josh Schifrin identifies weaker-than-expected non-farm payroll revisions as the dominant economic signal, creating a high probability for a 25 basis point Federal Reserve rate cut in September while ruling out a larger 50 basis point move. Although the US dollar faces structural headwinds from lower short-term rates and fiscal deficits, Schifrin expects equities to continue rising driven by AI catalysts and economic resilience, recommending a strategic long position in five-year Treasuries to capitalize on anticipated easing and hedge against potential volatility. This outlook sets the stage for a critical early September payroll report to guide the Fed's data-dependent trajectory for the remainder of the year.