Market Monitor

Latest edition · August 14, 2026

market monitor 081426

Goldman Sachs Asset Management highlights that the AI investment theme has broadened heavily into public credit markets, where surging capex is driving massive debt issuance across IG, HY, and loan markets. Global markets saw modest US equity gains and mixed yields as softer US inflation and consumer data contrasted with oil-driven long-end yield pressures.

In this edition of Market Monitor for the week ending August 14, 2026, Goldman Sachs Asset Management examines how AI infrastructure capex is reshaping public fixed income, with hyperscaler capex projected to approach $1.1 trillion by 2027 and annual IG debt issuance expected at $450 billion in 2027-2028. US equities hit record highs supported by softening inflation and AI momentum, even as US retail sales fell 0.6% MoM. In fixed income, the 2-year Treasury yield dropped to 4.17% following softer PPI, while long-term yields climbed on higher oil prices and fiscal supply worries.

Key takeaways from the latest edition

• 1.AI capital expenditure is transforming credit markets, with AI-related debt accounting for 16-23% of gross issuance across US IG, HY, and Leveraged Loans, driving potential tech spread widening.
• 2.US equities notched record highs on softening inflation data, while European equities lagged amid energy disruption concerns and Asian equities surged led by semiconductor strength.
• 3.US Treasury yield curve steepened as 2-year yields fell to 4.17% on lower PPI/retail sales while 10-year and 30-year yields rose on elevated oil prices and debt supply concerns.

What this series covers

• Chart of the Week: AI-Related Issuance Surge
• Credit
• SAS Market Strategy
• Market Summary
• Economic Summary
• Fixed Income Insights
• Market Watch
• Economic Watch
• Style Performance
• Weekly Market Recap
• Global Equity Valuations
• IMPORTANT INFORMATION
• RISK CONSIDERATIONS
• GENERAL DISCLOSURES

Edition archive

• market monitor 081426

  August 14, 2026

• market monitor 060526

  June 8, 2026

• market monitor 052926

  June 1, 2026

• market monitor 050826

  May 11, 2026