Market volatility, uncertainty around the path of interest rates, and an evolving geopolitical landscape remain top of mind for investors as the US economy and equity markets continue to show remarkable resilience year-to-date.

In this year's report, we recap market news from the summer and share our forward-looking perspectives for investors, business leaders, and executives. We also address key client questions regarding US debt, the bond market, equity market concentration, and the impact of artificial intelligence on the labor market and businesses.

Investment Strategy Group (“ISG”). The Investment Strategy Group, part of the Asset and Wealth Management business (“AWM”) of Goldman Sachs (“GS”), focuses on asset allocation strategy formation and market analysis for GS Wealth Management. Any information that references ISG, including their model portfolios, represents the views of ISG, is not financial research and is not a product of GS Global Investment Research (“GIR”) and may vary significantly from views expressed by individual portfolio management teams within AWM, or other groups at GS. 

ISG/GIR Forecasts. Economic and market forecasts presented (“forecasts”) generally reflect either ISG’s or GIR’s views and are subject to change without notice. Forecasts do not consider investment objectives, restrictions, tax and financial situations or other needs of any specific client. Forecasts are subject to high levels of uncertainty that may affect actual performance and represents only one of a broad range of possible outcomes. Forecasts and any return expectations are as of the date of this material, and do not project returns of any given investment or strategy. Forecasts are estimated, based on capital market assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Any case studies and examples are for illustrative purposes only. If applicable, a copy of the GIR Report used for GIR forecasts is available upon request. Forecasts do not reflect advisory fees, transaction costs, and other expenses a client would have paid, which would reduce return.

Advisory services offered by Goldman Sachs Wealth Services, L.P. (the “Adviser”), a registered investment adviser, affiliate of Goldman Sachs & Co. LLC ("GS&Co."), and a subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization. Goldman Sachs Ayco is a brand of Goldman Sachs Wealth Services, L.P. Brokerage services are offered through GS&Co. and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of the Adviser and members FINRA/SIPC.