Bloomberg Talks Goldman Sachs Vice Chairman Rob Kaplan Talks Economic Uncertainty
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Apr 23, 2025 
Rob Kaplan, Vice Chairman at Goldman Sachs and former Dallas Fed President, shares insights on navigating economic uncertainty. He discusses how evolving trade policies and tariffs shape corporate decision-making and investor sentiment. Kaplan emphasizes the need for stability in trade discussions and reflects on the implications of structural changes in the U.S. economy for vulnerable groups. He also highlights the importance of coherent economic narratives and prioritizing client relationships in a rapidly evolving financial landscape.
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Five Key Structural Economic Changes
- Five major structural economic changes define the current U.S. landscape: government deleveraging, regulatory review, energy overhaul, immigration control, and widespread tariffs.
- These vast simultaneous shifts create significant uncertainty for businesses and investors globally.
Institutional Uncertainty Impacts Markets
- Uncertainty about U.S. institutional stability now affects global capital allocation, with investors reconsidering dollar exposure.
- This institutional uncertainty contributes to dollar weakness, gold rallies, and rising Treasury yields.
Advise for Navigating Uncertainty
- Businesses must adapt cautiously to ongoing tariff and workforce uncertainties while seeking clearer trade resolutions.
- Reducing tariffs and resolving supply chain issues will help companies regain confidence to restructure and grow.