Goldman Sachs cuts 2023 US GDP forecasts to 1.1%

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Goldman Sachs (GS) cut its forecast for 2023 US Gross Domestic Product (GDP) as it projects a more aggressive Federal Reserve tightening policy through the rest of this year, and sees that pushing the jobless rate higher than it previously projected, reported Reuters during the weekend.

The news also quotes GS’ note, released late Friday, stating that it now sees GDP growth of 1.1% next year, down from its prior call for 1.5% growth from the fourth quarter of 2022 to the end of 2023.

Also read: EUR/USD Weekly Forecast: Peak Fed hawkishness? Not so fast, determined message to send pair plunging

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