The report covers key focus areas for investors including:
- Recap of macro and markets from July and August
- US economic outlook, including perspectives for tariffs, growth, recession odds, inflation, and monetary policy
- US fixed income outlook
- US equities outlook
- Volatility and risks
The two key themes that have underpinned ISG's investment recommendations since the trough of the global financial crisis—"US Preeminence” and “Stay Invested”—remain intact. ISG recommends clients stay invested in a well-diversified portfolio at their long-term strategic asset allocation consistent with their risk tolerance.
- Summer Review, Fall PreviewSeptember 2025
Insights from Goldman Sachs Ayco
Goldman Sachs Wealth Services Disclosures
Investment Strategy Group (“ISG”). The Investment Strategy Group, part of the Asset and Wealth Management business (“AWM”) of Goldman Sachs (“GS”), focuses on asset allocation strategy formation and market analysis for GS Wealth Management. Any information that references ISG, including their model portfolios, represents the views of ISG, is not financial research and is not a product of GS Global Investment Research (“GIR”) and may vary significantly from views expressed by individual portfolio management teams within AWM, or other groups at GS.
ISG/GIR Forecasts. Economic and market forecasts presented (“forecasts”) generally reflect either ISG’s or GIR’s views and are subject to change without notice. Forecasts do not consider investment objectives, restrictions, tax and financial situations or other needs of any specific client. Forecasts are subject to high levels of uncertainty that may affect actual performance and represents only one of a broad range of possible outcomes. Forecasts and any return expectations are as of the date of this material, and do not project returns of any given investment or strategy. Forecasts are estimated, based on capital market assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Any case studies and examples are for illustrative purposes only. If applicable, a copy of the GIR Report used for GIR forecasts is available upon request. Forecasts do not reflect advisory fees, transaction costs, and other expenses a client would have paid, which would reduce return.
Subscribe to Briefings
Our weekly newsletter delivers the latest insights on economic forces shaping markets—from Goldman Sachs leaders, economists, and investors around the world.
You can unsubscribe at any time. For information about how your personal data will be used, visit Privacy Information and Resources.