What's Top of Mind in Macro Research

Goldman Sachs reports on a multi-decade high bond selloff and an AI-driven momentum rally, while forecasting a deceleration in global GDP growth for the second half of 2026.

Key Takeaways

• 1.A sharp global bond selloff is pushing yields to multi-decade highs, and a reversal is unlikely without a clear macro shift or improvement in energy supply chains.
• 2.The Momentum rally in equities is currently driven by the AI trade and surging near-term earnings, distinguishing it from bubble-like rallies of 1999 and 2021.
• 3.Global growth in major economies is expected to soften in H2 2026 due to fading fiscal boosts, high energy prices, and slowing wage growth.

Table of Contents

• A sharp global bond selloff
• A significant Momentum rally
• Likely softer growth ahead
• What else is on our radar?
• Relevant research
• Macro at a glance
• More from TOP of MIND
• Disclosure Appendix

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