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

Strength in Numbers

Corporate fundamentals remained resilient through the first quarter, with a majority of S&P 500 companies having reported earnings. Earnings surprises to the upside exceeded the long-term average, while surprises to the downside have been less common than the long-term average. We think corporate earnings strength can stay strong amid a volatile equity market, with companies most able to pass on higher costs best positioned.

Source: Goldman Sachs Global Investment Research. As of May 6, 2022

Market Know-How

Supply Change

In 2022, we expect a year not of empty shelves, but of wholesale change to the composition of the macroeconomic and market drivers. In other words, the supply of key components such as monetary policy, inflation, returns, and alpha is set to transition in the new cycle.

Edition 1 Themes

1Megatrends: Transition, Transformation, Transmission

2Developed Markets Ex-US: A Developing Case

3Emerging Markets: Macro and Micro

4Volatility: More Turbulent Episodes

5Municipal Bonds: Muni Musings

6Climate Risk: Don’t Fight the Future

GSAM Connect

May 18, 2022

Position For Secular Importance of Key Minerals

The recent interplay of geopolitics, technology, and social and environmental causes is likely to have a lasting impact on energy trade patterns and the world economic order. Countries and businesses that are strategically positioned for these secular shifts are expected to gain key competitive advantage as first movers. Learn why we believe cyclical overweight to Commodity may be opportune given the supportive demand backdrop.

May 18, 2022

Change in Yield…Change in Fortune?

US Treasury yields—particularly those at the front end of the curve—have risen over the last year in much the way that a character in an Ernest Hemingway novel said he went bankrupt: “gradually, then suddenly.” The corresponding decline in prices in Q1 2022 was the worst monthly slide in more than 40 years.

Based on what is currently priced in, the recent and abrupt “bear flattening” of the yield curve has had a meaningful impact on the risk-reward profile for investors. Learn more why we see potential for more interesting opportunities for short duration strategies.

May 06, 2022

Core Fixed Income: Does It Still Have a Role?

High-quality bonds—the staple of any core fixed income allocation— have been a growing source of concern of most investment portfolios in recent years. Learn why, when part of a well-diversified portfolio, core fixed income may provide downside protection during periods of acute market stress and how these assets may continue to play a key role in lowering the probability of unexpected and potentially unpleasant outcomes.

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

More Market Strategy

May 2022

Monthly Market Pulse: May

Tight labor markets and persistent inflation have invited an aggressive policy path, leaving investors worried about the Fed’s ability to engineer a soft landing. Rates have re-priced and parts of the yield curve have inverted. Yet, we remain constructive on the macro buffers—abundant wealth, high labor demand, and strong spending power—to withstand an economic slowdown and defend corporate earnings. Importantly, while curve inversions are a useful guide, we believe recessionary signals are most powerful when evaluated against a collection of indicators.

October 2021

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.

View more perspectives on the latest market developments and trends

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

Our portfolio manager discusses how machine learning interprets investor sentiments and extracts topical subjects

LEARN MORE

May 2022

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.