Goldman Sachs(US:GS) 智通财经网·2025-06-06 02:41Core Viewpoint - Goldman Sachs has reduced its risk exposure since the announcement of significant tariffs by President Trump in April, preparing for ongoing uncertainties in the market [1] Group 1: Risk Management - The company has moderately lowered its risk positions since April 2, indicating a prudent approach to managing potential market volatility [1] - Goldman Sachs is committed to taking on substantial risks for its clients while also aiming to reduce its own risk where possible [1] - The firm is preparing for continued uncertainty in the coming months by maintaining a larger liquidity buffer [1] Group 2: Economic Outlook - John Waldron, widely seen as a successor to current CEO David Solomon, described the tariff measures as "highly destructive" [1] - Companies are beginning to make business decisions based on the assumption that tariffs may rise to 10% to 15%, indicating a shift towards a more cautious capital expenditure and M&A environment [1] - Despite these challenges, the U.S. economy remains strong, supported by a solid job market and consumer spending, with a low likelihood of recession [1] Group 3: Market Concerns - Investors are increasingly worried about the unsustainability of the U.S. fiscal deficit, with voices from the bond market gaining attention [1] - The primary concern in the current market is the direction of interest rates, particularly the path of long-term rates, which are rising significantly in the U.S., Japan, and many other countries [1] - The increase in long-term yields may potentially suppress economic growth [1]