Market Insights

MARKET STRATEGIST INSIGHTS 1 of 2

PORTFOLIO MANAGER INSIGHTS 2 of 2

Market Strategy

Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.

Chart of the Week

Are We There Yet?

Recent market expectations of Federal Reserve (Fed) rate hikes have moved forward to imply liftoff in late 2022. As the chart shows, the market is currently pricing in just over 1 rate hike in 2H 2022. Though this is possible, we expect sizable fiscal drag, moderating inflation data, and a more patient FOMC reaction function may ultimately nudge initial rate hikes into 2023.

Source: Goldman Sachs Global Investment Research. As of October 14, 2021.

Market Know-How

And Now For Something Completely Different

As the global economy begins to reopen we will discover what the new post-COVID-19 normal looks like. The next phase of the recovery may prove to be a paradigm shift: a move into a world of completely different macro and market relationships to those which we have been accustomed to in recent years. In this Market Know-How we explore how some of those factors may shape the investment landscape.

Edition 3 Themes

1Tax: Rates may move back to long-term averages

2Rates: Interpreting Rising Rates

3Inflation: Transitory or Sustained?

4Valuation: Sustainably higher valuations, realistically lower returns

5Digital Assets: A Growing But Speculative Market

GSAM Connect

October 18, 2021

Why Bonds May Make Sense Today

Investing in bonds this year has been like pedaling a bicycle uphill. With equity prices soaring, yields low and inflation rising, advisors have had to work hard to generate income for clients. But at this point in the economic cycle, we think a portfolio without high-quality fixed income could be in for a bumpy ride.

October 15, 2021

Is the 60/40 Dead?

The “60/40 portfolio” has long been revered as a trusty guidepost for a moderate risk investor—a 60% allocation to equities with the intention of providing capital appreciation and a 40% allocation to fixed income to potentially offer income and risk mitigation. However, in a buy-low, sell-high world, elevated valuations and low rates would suggest lower future returns for such a portfolio. So what should you expect when you’re expecting lower returns? Read more...

October 04, 2021

The Building Blocks of Real Estate

Commercial real estate (CRE) may be one of the few asset classes that offers a compelling solution in today’s environment where investors face a trifecta of issues: higher inflation, lower yields, and potentially greater taxes. Read more on why we believe this may be an opportune time to consider owning CRE.

Stay posted on the latest market developments and key themes for your portfolios and practices

More Market Strategy

October 2021

Monthly Market Pulse: October

A host of fiscal deadlines may drive near-term turbulence for US risk assets: 1) fading policy support may knock down US growth, 2) higher taxes may eat into investment returns, and 3) elevated debt introduces fiscal sustainability concerns. While uncertainty exists, we think the US investing opportunity set is still intact.

April 2021

Faster, Higher, Stronger

Some of the moves in fixed income markets this year— such as the sell-off in Treasuries—have been faster than anything we have seen in recent years, and bond markets may remain in a state of flux for the remainder of 2021. As a consequence, core fixed income allocations require risk-aware active management, and security selection in credit markets may become an increasingly differentiated source of returns.

View more perspectives on the latest market developments and trends

Stay Informed and Be Ahead of the Curve

MARKET MONITOR

Weekly views from senior Goldman Sachs economists and strategists

MARKET KNOW-HOW

Triannual insights on market conditions and timely investment ideas

MARKET PULSE

Monthly market commentary coupled with insights on portfolio construction

GSAM CONNECT

Posts on the latest market developments and key themes for your portfolios

MANAGE SUBSCRIPTIONS

Asset Class Views

Access the latest views from our product teams on macro strategies and browse insights by key topics, such as equities, fixed income, money markets and alternatives.

How High to Hike

October 2021

Global Fixed Income Weekly

Each week the Fixed Income team releases its views on macro strategies including duration, country, cross macro and currency, and sector strategies such as securitized debt, corporate credit and emerging markets debt.

GOLDMAN SACHS RESEARCH

Follow trends in the global economy, including policy issues and analysis of economic development from Goldman Sachs Global Investment Research.