The Markets

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.

Rich Privorotsky, Head of European One Delta Trading at Goldman Sachs, brings a wealth of knowledge about market dynamics. He discusses the rising volatility from US tariffs and Japan's fiscal policy amid shifting investor sentiments. Rich explains how bond sell-offs impact equities, and why gold is surging in response to central bank actions. He highlights a massive broadening trade away from mega-cap tech towards cyclicals and emerging markets, while pinpointing opportunities in Greek banks and small caps. Key events on the horizon include tech earnings and economic data.

Kunal Shah, the Co-CEO of Goldman Sachs International and expert in global macro and market trends, dives into the dynamics shaping equity markets through 2026. He highlights the advantages the U.S. might have, including AI-driven investments and potential Fed cuts. Kunal also explores shifts in Europe and Asia that could offer unique opportunities. He discusses emerging markets like China and India benefiting from AI momentum, while emphasizing the significance of gold as a protective asset amid potential volatility.

Stratford Dennis, Head of Emerging Market Equities at Goldman Sachs, dives into the promising outlook for emerging markets in 2026, predicting a 15% return. He highlights investment opportunities in China, particularly favoring EMX China for its valuations and tech exposure. Stratford contrasts AI developments in emerging markets with those in the U.S., emphasizing better growth potential. He also discusses Brazil as his top pick due to favorable rate cuts and electoral dynamics, while keeping an eye on U.S. labor market trends impacting global investments.

Lindsay Rosner, Head of Multi-Sector Investing at Goldman Sachs Asset Management, shares her insights on the fixed income landscape as we approach 2026. She discusses the stability of the labor market despite noise in the jobs report and explains why bond yields remain unchanged. Lindsay anticipates minimal rate cuts in 2026 and highlights the appeal of bonds with an aggregate yield-to-worst of ~4.33%. She also explores potential economic scenarios shaped by AI and advises on maintaining an intermediate duration strategy for optimal returns.

Josh Schiffrin, Chief Strategy Officer at Goldman Sachs, dives into the recent Federal Reserve policy changes with Chris Hussey. They discuss the implications of the latest rate cut and how labor market conditions influenced it. Josh highlights key upcoming labor data to watch and predicts an intriguing trade opportunity with the yield curve steepening. He also shares a cautiously optimistic outlook on equities while acknowledging potential AI risks. Plus, he lightens the mood with thoughts on the Knicks and trading for Giannis!

Brian Dunne, head of Americas Foreign Exchange Options Trading at Goldman Sachs, offers valuable insights into the U.S. dollar's current stagnation and potential decline. He discusses factors that could trigger a sell-off, linking fiscal concerns to asset rallies in gold and crypto. Dunne also highlights how macroeconomic data and recent Federal Reserve nominations could shape dollar movements. His preferred trading strategies include dollar exposure against emerging markets, anticipating a 5–10% depreciation toward fair value.

Brian Garrett, head of equity execution in Global Banking & Markets, digs into the current volatility in U.S. equities. He explains how Fed commentary drives market swings and discusses investor shifts towards defensive sectors like healthcare. Brian highlights that while VIX at 24 suggests moderate risk, real market movements have been more volatile. He proposes practical hedges, including VIX call spreads, and emphasizes the importance of the upcoming December Fed decision in shaping market trends.

Scott Feiler, a consumer sector specialist at Goldman Sachs, joins to analyze the current state of US consumer spending. He shares insights on deteriorating consumer sentiment and mixed earnings reports impacting various demographics. Scott predicts strong turnout for Black Friday despite inflation concerns, as consumers prioritize events over traditional goods. He discusses the convergence of goods and experiences, highlighting softening trends in travel and dining. Finally, he advises focusing on defensive discretionary stocks like off-price and auto retail for year-end resilience.

Anshul Sehgal, the Global co-head of Fixed Income, Currency and Commodities at Goldman Sachs, dives into the U.S. economy's shift from fiscal to credit expansion. He explores the implications for portfolio strategies, emphasizing the rise of AI-driven sectors like semiconductors and commodities. While optimistic about stocks, Sehgal highlights the importance of focusing on specific areas and keeping liquidity. He also discusses the macro risks in private credit and what key economic data to watch leading up to the Fed's next meeting.