The investment bank's chief economist, Jan Hatzius, cited a slew of better-than-expected economic data in a research report released late Monday.
"The main reason for our cut is that the recent data have reinforced our confidence that bringing inflation down to an acceptable level will not require a recession," he said. Goldman Sachs revised down the odds of a U.S. recession happening in the next 12 months, cutting the probability down to 20% from 25% on the back of positive economic activity.
The investment bank's chief economist, Jan Hatzius, cited a slew of better-than-expected economic data in a research report released Monday. "The main reason for our cut is that the recent data have reinforced our confidence that bringing inflation down to an acceptable level will not require a recession," he said.The chief economist cited resilient U.S. economic activity, saying second-quarter GDP growth was tracking at 2.3%. The rebound in consumer sentiment and unemployment levels falling to 3.6% in June also added to Goldman's optimism.
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