The Goldman Sachs Group, Inc. (NYSE:GS) Barclays 21st Annual Global Financial Services Conference September 12, 2023 2:45 PM ET
Company Participants
David Solomon - Chairman & Chief Executive Officer
Conference Call Participants
Jason Goldberg - Barclays
Question-and-Answer Session
Q - Jason Goldberg
Put up the first ARS question that we're asking everyone. Very pleased to have Goldman Sachs with us continuing this afternoon’s presentation. From the company Chairman and CEO David Solomon. David, thank you for being here. Maybe the best place to start is just, you know, high level macro overview. I thought your comments in July earnings call were more constructive. And you've kind of been on more bearish side before that. So just maybe kind of what's your latest view on the macro backdrop and operating environment?
David Solomon
Sure, first of all thank you for having me. Delighted to be here. It's a kind of an annual rite of passage in the fall. I think we are constructive, the environments definitely gotten better. And it's interesting, you said, I was kind of on the bearish side, if we were sitting here a year ago, and we were looking at where inflation was, what the Fed was clearly saying it was going to do. We were six months into the war in Ukraine, it was kind of hard to be optimistic. And candidly, as I talked to clients, I talked to CEOs, I talked to investors, there was tremendous cautiousness, because we're really changing the environment, materially. Now, I actually think the economy has been more resilient over the course of the last 12 months than we expected. I think government spending obviously has been a huge tailwind, which has helped in that context, to some degree. Markets have been more resilient. But I think the chances of a soft landing now are materially higher. And certainly we've got inflation to a better place. Definitely in the camp that inflation might still be a little bit
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