Goldman Sachs' Greg Calnon: We expect three cuts, but not in September

Market Outlook & Economic Indicators - Goldman Sachs anticipates an "interesting period" influenced by upcoming jobs reports and inflation data, leading to a significant Fed meeting in September [2][3] - The firm projects 16% economic growth for the year, despite market uncertainties [5] - The market's focus is shifting from uncertainty in the first half of the year to resiliency in the second half [5] Investment Strategies & Opportunities - Goldman Sachs highlights ETFs focused on income generation, particularly appealing due to market highs [7] - These ETFs, such as GPI and GPIQ, aim to capture broad market returns while providing income through higher dividend yields and option strategies, targeting 85% annualized monthly distributions [8][9] - The firm suggests overweighting international equities, noting a 20% increase in international equities [12][13] - Opportunities exist in both income-generating stocks and fixed income markets, particularly high yield and higher carry strategies outside the US, where rate cuts are occurring [15][16][17][18] Earnings & Market Drivers - Earnings are a key driver of markets, with 70% of companies beating sales estimates and 85% beating EPS estimates [20]