Goldman Sachs(US:GS) 美股IPO·2025-08-01 08:50Group 1 - The current trade policy has become more predictable, allowing the market to significantly lower the pricing of recession risks, which has eased investment sentiment [1][2] - As of Thursday, the global investment-grade corporate bond yield spread has narrowed to 79 basis points, the lowest level since July 2007, just before the global financial crisis [2][4] - Despite the improved market sentiment and the S&P 500 index reaching a historical high, the Federal Reserve has not signaled an imminent rate cut, indicating that more data is needed to ensure inflation risks do not persist [3][5] Group 2 - Goldman Sachs warns that market participants should not overlook potential risk factors due to current optimism, including the possibility of economic growth falling below expectations and concerns regarding the independence of the Federal Reserve [3][5] - The narrowing of credit spreads and the overall market optimism may mask underlying risks, prompting Goldman Sachs to advise clients to maintain certain hedging positions in their portfolios [3][4] - Although negative news related to tariffs is no longer the main driver of risk sentiment, the impact of tariffs on different segments of the supply chain will lead to performance differentiation among companies, becoming a new source of market risk [5]