Long Gold and Long Stocks

Jan 30, 2026

Anshul Sehgal, global co-head of Fixed Income, Currency and Commodities at Goldman Sachs, shares market analysis and portfolio strategy. He discusses Fed policy and a bimodal cuts outlook. He outlines AI capex as a trillion-dollar growth engine. He makes the case for a barbell of growth stocks and gold, and explains dollar dynamics and EM opportunities.

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INSIGHT

Fed Cuts Are A Bimodal Bet

The market prices about two Fed cuts this year but that reflects a bimodal outcome: either several cuts if labor weakens or none at all.
Anshul Sehgal warns the market's two-cut view masks a wide distribution of possible Fed actions.

INSIGHT

AI CapEx Is Reindustrializing The Economy

A large AI-driven CapEx wave is shifting the economy from financialization back to industrialization.
Sehgal expects roughly $1 trillion of global AI CapEx in 2026 and durable GDP tailwinds from that infrastructure buildout.

ANECDOTE

Detroit Analogy For AI Industrialization

Sehgal likens today's AI-driven industrialization to Detroit's postwar car boom to illustrate scale and nation-level impact.
He uses that historical analogy to convey how infrastructure buildouts can reshape global economic leadership.

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Do investors need a new barbell strategy? Anshul Sehgal, global co-head of Fixed Income, Currency and Commodities in Goldman Sachs Global Banking & Markets, discusses market drivers and portfolio positioning with Chris Hussey on the Goldman Sachs trading floor.

This episode was recorded on January 29, 2026.

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