As the global economy comes off of another year of relatively strong growth in 2024, new and important variables are now in the mix with the election of Donald Trump and the Republican sweep of Congress. So can this solid performance continue amid the policy shifts ahead, and what might be the implications for markets? In this episode, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in global markets research, discuss the...

The sports ecosystem has exploded as an area of investment, with professional leagues loosening rules on private equity ownership, the value of media rights deals skyrocketing, and the many sports-adjacent businesses taking on new dimensions. In the first episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross speaks to Apollo Co-Founder Josh Harris about what it means to own and run professional sports teams in the NBA, NHL, NFL, and English...

Former Dallas Fed President Rob Kaplan, current vice chairman at Goldman Sachs, discusses the Federal Reserve’s rate-cutting cycle, the interplay between monetary and fiscal policy, and his views on what the Trump administration could mean for Fed policy. 

The markets reacted forcefully to Donald Trump's victory in the US presidential election, with US stocks, bond yields, and the dollar rising sharply in response. Goldman Sachs Research’s Christian Mueller-Glissmann, head of asset allocation research, and Brian Garrett, head of Equity Execution on the Cross Asset Sales desk in Global Banking & Markets at Goldman Sachs, discuss the sustainability of these moves and the medium- and longer-term market implications of the election outcome. 

Clearlake Capital’s Co-Founder and Managing Partner José E. Feliciano discusses the firm’s flexible approach to investing in the private markets, artificial intelligence, and sports teams. For more insights from great investors, listen to previous episodes from our Great Investors series. 

How could the proposed policy agendas between the two US presidential candidates shape markets and economies? Top economists from the Democratic and Republican parties discuss a range of economic policies, painting starkly different policy approaches in some key areas but similarities in others. In the latest episode of Goldman Sachs Exchanges, Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, the current Chairman of the Council of...

Chelsea Stoner, general partner of Battery Ventures, has long been focused on the ways in which software is transforming a variety of industries. In a discussion with Goldman Sachs’ Michael Brandmeyer, Stoner discusses her path to Silicon Valley, Battery's longevity as a tech-focused investment firm, and her unique outlook on the venture capital and private equity landscape. 

The S&P 500 has staged a remarkable rally since the start of the year. How much more upside should investors expect — and what could drive those gains? Goldman Sachs Research’s David Kostin and Ryan Hammond from the US portfolio strategy team explain the drivers and risks to their year-end and 12-month targets for US equities. 

Bridgewater Associates’ Co-CIO Karen Karniol-Tambour describes where she’s seeing opportunities for higher returns and the macro factors shaping today’s investment landscape. To hear from more Great Investors, check out: Sequoia Capital’s Roelof Botha on building enduring businesses, Blackstone’s Joe Baratta on the outlook for private equity, and TPG’s Jon Winkelried on the evolution of alternative markets.  The opinions and views expressed in this program may not necessarily reflect the...

Escalating conflicts in the Middle East, coupled with China’s latest round of stimulus, are changing the supply-and-demand dynamics for oil prices. Goldman Sachs Research’s Daan Struyven, co-head of commodities research, explains the implications for oil and gold prices.

Michael Moran, a pension strategist in Goldman Sachs Asset Management, explains how the current macro environment is changing the retirement picture for both savers and retirees. Mike and his team are out with a new report that describes what they see as a missing link to retirement security.

The Fed has begun a long-awaited cutting cycle, potentially providing some relief to rate-sensitive sectors. Goldman Sachs’ Lotfi Karoui and Jeff Fine explain the impact of falling rates on US commercial real estate as well as the implications for housing. 

Sequoia Capital’s Roelof Botha, one of Silicon Valley’s most highly respected investors, discusses his career, Sequoia’s unique culture and investment processes, and how he finds and builds enduring businesses. 

After a stronger-than-expected start to the year, China’s economy is showing signs of weakening as the world’s second-largest economy struggles with a real estate downturn, slowing consumer spending, and geopolitical tensions. Goldman Sachs Research’s Hui Shan, chief China economist, shares her outlook for China’s growth.

Blackstone’s Global Head of Private Equity Joe Baratta shares his outlook for the private equity industry, the macro environment today, and his evolution as a leader.

Many view the recent rise in the unemployment rate as a concerning sign about the economic outlook, fueling recession fears. Could the US economy fall into recession, and will overly tight Federal Reserve policy be to blame? In the latest episode of Goldman Sachs Exchanges, Allison Nathan discusses these questions with three top economic minds: Claudia Sahm, the creator of the “Sahm rule” and Chief Economist at New Century Advisors, former Federal Reserve Bank of New York President Bill...

Twenty-five years ago, Goldman Sachs research analyst Kathy Matsui wrote a report about the Japanese economy called Womenomics, stating that future potential economic growth will depend on increased female labor participation. So how much progress has been made in Japan and around the world? Sharon Bell, Senior Strategist on the European Portfolio Strategy Team within Goldman Sachs Research, and Asahi Pompey, Goldman Sachs Global Head of Corporate Engagement and President of the Goldman Sachs...

The rapid unwinding of the Japanese yen carry trade is rippling through global markets. Goldman Sachs Research’s Kamakshya Trivedi, head of Global Foreign Exchange, Interest Rates, and Emerging Markets Strategy, and Praneet Shah, co-head of Global G10 FX Options Trading in Global Banking & Markets, explain the carry trade, why it matters, and the implications for investment portfolios.

Global markets sold off sharply amid rising US recession fears. Goldman Sachs Research’s Chief US Economist David Mericle explains why those concerns are likely overblown. 

“Tectonic shifts” are reshaping the private markets and spurring consolidation among alternative asset managers, explains TPG CEO Jon Winkelried on Goldman Sachs Exchanges: Great Investors. Winkelried, who also served as the former president and co-chief operating officer at Goldman Sachs, shares his perspectives on investment opportunities, leading teams, and managing companies through crises. For more insights from great investors, listen to previous episodes from our Great Investors...

The US consumer has powered the global economy in recent years, but are signs of strain starting to form? Goldman Sachs Research’s Chief US Economist David Mericle, and Kate McShane and Bonnie Herzog, co-business unit leaders of US consumer, discuss the outlook for consumer spending and the US retail sector.  For more information, listen to our Goldman Sachs Exchanges episode, Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates or read Is US consumer...

Ares Management’s Co-founder, CEO, and President Mike Arougheti shares his outlook for the economy and private markets, his evolution as a leader, and the firm’s path to building its prowess in private credit. 

Tech giants and beyond are set to spend an estimated $1 trillion on AI capex in coming years. Will this investment pay off? And if it doesn’t, what does that mean for businesses and investors? MIT’s Daron Acemoglu and Goldman Sachs Research’s Jim Covello explain why reality may not match the hype on the latest episode of Goldman Exchanges, which explores the latest Top of Mind report, Gen AI: too much spend, too little benefit?

Rising incomes and slowing electric vehicles sales are slowing the world’s transition away from oil. Goldman Sachs Research’s Daan Struyven and Nikhil Bhandari discuss the supply-and-demand drivers shaping the oil market and what they mean for investors and consumers. For more insights read Peak oil demand is still a decade away, Which commodities are the best hedge for inflation?, and Why are EV sales slowing?