Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Vickie Chang +1(212)902-6915 | vickie.chang@gs.com Goldman Sachs & Co. LLC 6 August 2025 | 12:21PM EDT Global Markets Comment: Macro Pricing Update—More Balanced Growth Pricing, Room to Price a More Dovish Fed (Chang) Macro Pricing Update—More Balanced Growth Pricing, Room to Price a ...