The Goldman Sachs CEO underlined the sweeping, historic fallout from theof Silicon Valley Bank and Signature Bank in March. The bank failures sparked a flurry of credit-rating downgrades and hefty valuation declines in the financial sector, and spurred Swiss regulators to arrange an emergency takeover of Credit Suisse by UBS, he noted.
The investment bank's chief highlighted that 2-year Treasury yields have moved by 50 basis points or more intraday only four times in the past 25 years — and three of those days were in March "The recent events in the banking sector are lowering growth expectations, and there is a higher risk of a credit contraction given the environment is limiting banks' appetite to extend credit," he said."We continue to be cautious about the economic outlook."
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