Goldman Sachs – US Fiscal Worries: Is This Time Different?, Jun 2025

The main theme of the report is the concern about the fiscal situation in the US in light of new legislation and its impact on long-term interest rates and the economy.

Key findings include experts' belief that the current situation is indeed different from previous fiscal issues, and a crisis is possible. Tariff revenues are expected to offset the deficit consequences of the fiscal package over the next decade. Long-term interest rates in the US are likely to remain high, and the dollar is expected to weaken.