1、POST-ELECTION ECONOMIC POLICIES ISSUE 132|Oct ober 21,2024|4:50 PM EDT&R&Global Macro ResearchInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to Goldman Sachs

2、Group,Inc.Wit h al l eyes on t he fast-appr oaching US el ect ion amid a cl ose r ace bet ween t wo candidat es wit h vast l y differ ent wor l dviews,what t he el ect ion coul d por t end for economic pol icyand t he macr o and mar ket impl icat ionsis Top of Mind.Kevin Hasset t,CEA Chair man under

3、 for mer Pr esident Tr ump,and Jar ed Ber nst ein,cur r ent CEA Chair man,shar e t heir views on a r ange of economic pol icies on t he t abl e,fr om t ar iffs t o t axes t o(de)r egul at ion and beyond,whil e GS GI R s Al ec Phil l ips offer s his own per spect ive on pot ent ial pol icy shift s in

4、 t hese ar eas.GS GI R economist s and mar ket st r at egist s t hen deep dive int o t he t wo ar eas most in focus t his el ect ion seasont r ade and t ax pol icyfinding t hat despit e t he st ar k differ ences in pr oposed economic pol icies,asset impact s woul d most l ikel y be modest in a cent

5、r al case t hat avoids major pol icy t ail r isks,which coul d l eave GS economist s fr iendl y macr o out l ook as t he bigger dr iver of mar ket s.But t hey st il l see val ue in owning pr ot ect ion ar ound t he el ect ion,as wit h any macr o r isk event.“I NTERVI EWS WI TH:Kevin Hassett,For mer

6、Chair man of t he Council of Economic Adviser s,Dist inguished Fel l ow in Economics at t he Hoover I nst it ut ion Jared Bernstein,Chair man of t he Council of Economic Adviser s POLI CY AFTER THE US ELECTI ON Al ec Phil l ips,GS US Economics Resear ch US ELECTI ON:POTENTI AL CHI NA&EA I MPACTS Hui