Allison Nathan of Goldman Sachs Research dives into macro developments that are top of mind for investors, executives and policymakers.
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US Outperformance:
At a Turning Point?
The US has had an exceptional decade. US growth and equities have outperformed, and the Dollar’s global role remains unchallenged. Whether this outperformance can continue over the coming decade is Top of Mind.
Commercial real estate risks
The surge in rates and pullback in bank lending following this year’s regional banking crisis has led to substantial stress in US commercial real estate (CRE), nowhere more prominently than in office properties. How the CRE crisis evolves—and whether it could spark another banking crisis and its market and macro impacts—is Top of Mind.
Corporate Credit Concerns
Amid the recent surge in US interest rates, whether the greater interest expense associated with higher-for-longer rates will lead to distress or even a wave of defaults across the major parts of the corporate credit market—corporate America, commercial real estate (CRE), and the private market—and the economic and market implications are Top of Mind.