How S&P Companies Will Spend Cash This Year And Next

Buybacks will likely fall 15% in 2023. That's according to Goldman, whose Ryan Hammond and David Kostin updated their cash use forecasts for S&P 500 companies. Overall, the bank expects cash spending to fall 1% this year, consistent with slower earnings growth. Cash balances, which just posted the largest 12-month decline on record, are still high in absolute terms, but not relative to assets. In the absence of robust earnings growth, raising new cash would mean borrowing, and that's not