Macro at a Glance

Goldman Sachs revised its macroeconomic forecasts, delaying expected Federal Reserve rate cuts to 2027 and raising US Treasury yield projections. The outlook also incorporates headwinds from the ongoing Iran war, which is expected to depress global growth and increase energy prices.

Key Takeaways

• 1.The Fed's final two rate cuts are now pushed back to June and December 2027.
• 2.Global real GDP growth is expected to slow to 2.4% in 2026 due to higher energy prices from the Iran war.
• 3.Year-end 2026 2y/10y US Treasury yield forecasts raised to 3.8% and 4.4%.

Table of Contents

• Macro at a Glance: Latest views and forecasts
• Watching
• Forecasts
• Key GS economic and market forecasts
• More from TOP of MIND
• Disclosure Appendix