Goldman stands by call that consumers will bear the brunt of tariffs after Trump blasts bank's economist [MSNBC.com]
Goldman Sachs Group, Inc. (The) (GS)
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Source: MSNBC.com
In the face of blistering criticism from President Donald Trump, Goldman Sachs economist David Mericle on Wednesday stood by a controversial forecast that tariffs will begin to hit consumer wallets.lashed out at the bankMericle, though, said in a CNBC interview that the firm is confident in its research, the president's objections notwithstanding."We stand by the results of this study," he said on "Squawk on the StreetThe source of the president's ire was a Goldman note over the weekend, authored by economist Elsie Peng, asserting that while exporters and businesses thus far have absorbed most of Trump's tariffs, that burden will switch in the months ahead to consumers.In fact, Peng wrote that Goldman's models indicate consumers will take on about two-thirds of all the costs. If that's the case, it will push the personal consumption expenditures price index, the Federal Reserve's main inflation forecasting gauge, to 3.2% by the end of the year, excluding food and energy. Core PCE infl
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Earnings
- 10/14/25 - Beat
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Sec Filings
- 12/23/25 - Form 424B2
- 12/23/25 - Form FWP
- 12/23/25 - Form FWP
- GS's page on the SEC website