Latest Interviews
Showing 1–6 of 6 interview transcripts.
Clear all filters- Goldman Sachs20 min
Can Markets Withstand AI Risks, Fed Hikes, and Oil Shocks?
Tony Pasquariello, Josh Schiffrin, Dominic Wilson
Dominic and Josh analyze how supply shortages in AI infrastructure and geopolitical tensions in the Middle East are creating a complex investment environment driven by oil market friction and Federal Reserve policy shifts. While the S&P 500 remains near record highs, the duo warns that diverging market performance from lived economic reality, combined with intensifying inflation pressures and a move away from central bank guidance, signals potential volatility ahead. Consequently, they highlight a strategic pivot toward the long end of the yield curve and credit markets, suggesting that concentrated asset exposure is prudent as liquidity is expected to thin in the coming months.
- Goldman Sachs21 min
Has the AI rally gone too far?
Tony Pasquariello, Josh Schiffrin, Dominic Wilson, Tom
Market analysts Josh Shiffrin and Dominick Wilson assess a resilient global economy driven by record-high AI capital expenditure and robust US and Korean earnings, while identifying unresolved geopolitical tensions in Iran as the primary downside risk. Although speculative excesses have emerged in semiconductor sectors and credit markets remain tight, the consensus predicts the Federal Reserve will maintain a "watch and wait" stance with rate cuts unlikely until 2026 unless labor markets soften significantly. Consequently, investors are advised to hedge against energy supply shocks and position for a long-term dollarization trend as Asian markets outperform a lagging Europe.
- 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 Sachs8 min
Are More Rate Cuts Coming?
The Federal Reserve executed a third consecutive 25 basis point rate cut, adopting a dovish stance that diverged from hawkish expectations while Chair Jerome Powell signaled a lower threshold for future adjustments due to labor market concerns. Analyst Josh Schifrin forecasts the federal funds rate will fall to 3% or lower by 2026, projecting a steepening yield curve and a weakening US dollar that should support cautiously bullish equity markets driven by economic acceleration rather than monetary constraints. While long-term rate increases are viewed as compatible with risk assets, Schifrin identifies artificial intelligence thematic concerns as a primary source of potential market volatility and noted a conditional willingness to trade for Giannis Antetokounmpo to secure an NBA championship for the Knicks.
- 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.
- Goldman Sachs10 min
Opportunities amidst historic volatility
Josh Schifrin and market analysts assess a volatile economic landscape where projected tariffs threaten to spark inflation and a temporary growth dip while creating a binary risk scenario between a trade war recession or a deal-driven recovery. Treasury yields have surged following hawkish commentary on tariff-induced inflation, breaking historical inverse correlations with equities and signaling fragility in market liquidity that mirrors structural stresses without reaching COVID-era severity. Despite this turbulence, strategists recommend buying equity dips and anticipate a weakening U.S. dollar alongside bearish oil prices as the market awaits the outcomes of the 90-day tariff pause to stabilize the frenetic trading environment.