Research Unplugged_ Macro Outlook 2025_ Tailwinds (Probably) Trump Tariffs

Industry/Company Involved * Global Macro Outlook 2025: The document discusses the global macroeconomic outlook for 2025, covering various regions including the US, Europe, China, and beyond. It focuses on growth prospects and investment opportunities across different asset classes such as equities, credit, commodities, and bonds. Core Views and Arguments * Growth Prospects: The document highlights that growth prospects for 2025 are positive, driven by factors such as improving economic conditions, increasing consumer spending, and supportive monetary policies. * Tailwinds Overhead: The document emphasizes that tailwinds are likely to outweigh headwinds, such as geopolitical tensions and rising inflation, leading to overall positive growth. * Asset Class Performance: The document provides insights into the expected performance of different asset classes in 2025. It suggests that equities and credit markets may benefit from improving economic conditions, while commodities and bonds may experience mixed performance. Other Important Content * Research Areas: The document mentions various research areas covered by Goldman Sachs, including inflation, central banks, private markets, consumer trends, and innovation in sectors like AI, fintech, and healthcare. * Market Themes: The document highlights key market themes for 2025, such as carbonomics, the Inflation Reduction Act, GS SUSTAIN, green capex, electrification in Europe, obesity, and China's transition. * Research Products: The document provides information about Goldman Sachs' research products and services, including the GS Factor Profile, M&A Rank, and Quantum database. * Disclosures: The document includes various disclosures related to the research report, such as regulatory disclosures, ratings distribution, and investment banking relationships.