Goldman Sachs(US:GS) Jin Shi Shu Ju·2025-08-19 09:00Group 1 - The core viewpoint is that Wall Street is preparing for a potential interest rate cut by the Federal Reserve in September, with a strong preference for five-year U.S. Treasury bonds as a favored trade in this context [2][3] - Goldman Sachs' Chief Strategist, Josh Schiffrin, highlighted that the five-year Treasury yield is particularly attractive in the range of 3% to 4%, especially amid increasing economic uncertainty [2] - Schiffrin expects the Federal Reserve to ease monetary policy next month, citing weak employment data as a key factor, with only 73,000 jobs added in July, significantly below the expected 106,000 [2][3] Group 2 - A survey by Reuters indicated that 61% of economists expect the Federal Reserve to lower the benchmark interest rate by 25 basis points to a range of 4%-4.25% in September, marking the first rate cut since 2025 [3] - The political pressure on the Federal Reserve has intensified, with President Trump publicly urging for rate cuts, claiming that high borrowing costs are harming U.S. competitiveness [3] - Goldman Sachs anticipates a series of rate cuts, projecting reductions of 25 basis points in September, October, and December, followed by two additional cuts in 2026, ultimately lowering the policy rate to a range of 3%-3.25% [4]