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Goldman Slashes M&A Forecast, Sounds Alarm On IPOs
Did Donald Trump kill the nascent M&A recovery? Maybe!
So far, the defining feature of "Trump 2.0" is uncertainty. And markets hate that more than pretty much anything else in the world.
Ambiguity around US trade policy -- and a lot else besides -- has contributed to a loss of growth momentum in the US, where consumer sentiment's back-footed and CEO confidence, at least on one measure, is the worst since 2020. Stocks, meanwhile, dove into correction territory last week.
As Goldman's David
” Kostin also said favorable regulatory shifts may prove less dramatic (read: less positively impactful) than thought.”
And so goes another pillar of “the Trump Trade.”
Speaking of which, the rationale behind the recent S&P target changes all appeared focused on the impact of tariffs. There has been scant or no mention of the impact on labor costs from another pillar – the mass deportations. But maybe that is seen as possible offsets to reduced private sector hiring and government layoffs?