Changes in US trade policy are having a significant impact on the country’s currency, according to Goldman Sachs Research. The increase in trade tensions and other uncertainty-raising policies are eroding consumer and business confidence, Goldman Sachs Research senior currency strategist Michael Cahill writes in the team’s report. The team finds that changing perceptions of US governance and institutions are also affecting the appeal of US assets for foreign investors, and the rapid...

US Treasuries — typically seen as a haven during market turmoil — recently sold off when changes in US tariff policy caused financial market stress to jump. The decline in the world’s reserve asset during an episode of elevated volatility comes as investors are increasingly focused on the US’s growing debt burden and other countries are also increasing their borrowing. “Markets are dealing with a lot of competing...

Download Video Transcript Should investors turn to European equities? Sharon Bell of Goldman Sachs Research separates the signal from the noise. This episode was recorded on April 29, 2025.