1、 ISSUE 139|May 15,2025|11:35 AM EDTInvestors 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 Group,Inc.Pr esident Tr umps public cr it icism of t he Fed

2、 and,mor e impor t ant ly,his at t empt s t o t ur n wor ds int o act ion by set t ing in mot ion a challenge t o t he landmar k r uling t hat has pr event ed pr esident s f r om r emoving of ficials of independent agencies wit hout cause have r aised ser ious concer ns about Fed independence.We t a

3、lk t o f or mer Fed Vice Chair Richar d Clar ida,t he Hoover Inst it ut ions John Cochr ane,and GS Jan Hat z ius and Joseph Br iggs,who explain what Fed independence means and ar gue t hat it s vit al t o bet t er economic out comes,par t icular ly lower inflat ion.We t hen r ank t he t hr eat s t o

4、 Fed independence,wit h Clar ida and Hat zius most wor r ied about t he pot ent ial r emoval of Fed of ficialswhich Whar t ons Pet er Cont i-Br own opines on t he hist or y and legalit y of while Cochr ane ar gues t hat t he Fed has become t oo independent in some ways.Finally,we assess what a less

5、independent Fed could mean f or asset s,wit h GS st r at egist s ar guing t hat it could dent t he appeal of t he Dollar and USTs,but may make gold shine even br ight er.“INTERVIEWS WITH:Richard Clarida,f or mer Vice Chair of t he Feder al Reser ve Boar d of Gover nor s,Global Economic Advisor,PIMCO

6、 John Cochrane,Senior Fellow,Hoover Inst it ut ion at St anf or d Univer sit y Peter Conti-Brown,Associat e Pr of essor of Financial Regulat ion,t he Whar t on School of t he Univer sit y of Pennsylvania Q&A ON FED INDEPENDENCE Jan Hat zius,GS Head of Global Invest ment Resear ch and Chief Economist