Exchanges

By Goldman SachsBusiness

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Exchanges episodes

August 13What the US-Japan Currency Intervention Means for the Yen, Rates, and the Dollar
The US and Japan coordinated on the biggest currency market intervention in 15 years, helping to stabilize a weakening yen. Karen Fishman, senior FX strategist in Goldman Sachs Research, and Praneet Shah, global head of FX options trading in Global Banking & Markets, discuss why the US joined the action, why the yen still appears undervalued, and whether another intervention might follow.
Key takeaways:
The scale of Japan’s intervention was historic, but the US role was symbolic.  Japan's operation, estimated to be worth up to $85 billion over July 30 and July 31, was its largest two-day intervention on record outside of October 2011. The US leg was much smaller, but pushed the yen further by signaling the US’ willingness to help.

Washington's involvement was likely aimed at limiting volatility in US markets. The timing of US support coincided with some volatility in US interest rates, in addition to other factors.

Intervention may buy time, but it is a short-term measure. In the longer term, policy measures convincing Japanese investors to shift back towards Japanese assets could help reverse the yen's low valuation.
This episode was recorded on August 10, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.

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28 min
August 07 Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities
Goldman Sachs President John Waldron speaks with Steven Tananbaum, CIO of GoldenTree Asset Management, about how GoldenTree became a credit-focused asset manager overseeing $70 billion. They discuss how credit markets have evolved during Tananbaum’s career, his framework for analyzing investments, and how financing for artificial intelligence is affecting credit markets.
This episode was recorded on July 23, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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30 min
August 05 How AI Debt Is Reshaping Credit Markets
Credit markets are playing a growing role in the buildout of artificial intelligence, with nearly $500 billion of AI-related debt issuance so far in 2026, according to estimates from Goldman Sachs Research. Amanda Lynam, head of credit strategy research, and Zach Ablon, head of the credit sales desk in Global Banking & Markets, discuss why cash-rich tech giants are turning to bond markets, the potential risks for institutional investors, and how alternative financing channels—including private credit, infrastructure funds, and high-yield markets—are being used to fill the funding gap.
This episode was recorded on Monday, August 3, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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26 min
July 28 What the Surge in IPOs Means for Investors
US IPO issuance has surged to a record high in 2026. But this resurgence raises two concerns for the equity market: whether it is flashing a late-cycle warning sign and whether the market can digest so much new issuance. Jay Ritter of The IPO Initiative and Owen Lamont of Acadian Asset Management discuss whether the IPO surge is a red flag for markets. This episode explores the latest Top of Mind report.
This episode was recorded on July 8, 15, and 23, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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21 min
July 21 US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth
As a newly installed chairman takes the helm of the Federal Reserve, US monetary policy remains uncertain amid a soft inflation print and escalating tensions in the Middle East. David Mericle, chief US economist in Goldman Sachs Research, forecasts the Fed to keep interest rates unchanged this year before cutting its policy rate in 2027. He also unpacks the factors driving US inflation, highlights the surprising resilience of the US labor market, and explains why he expects US GDP to expand around 2% this year.
Recorded on July 20, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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19 min
July 15 The Growth of the Space Industry
Falling launch costs, innovations, and AI are fuelling a space economy that could reach $1 trillion by the 2040s, according to Michael Tarulli and Erik Sparks in Goldman Sachs Investment Banking. The key driver: launch costs have plunged sharply, opening up access to space and enabling new frontiers of commercial activity. The shift is creating new potential opportunities as well as risks for investors. To learn more about the impact of AI on space, satellites, and other industrial sectors, read Harnessing AI for the Real Economy.
Recorded on July 7, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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17 min
July 09 Ken Griffin on US-China Tensions and AI
Ken Griffin, the founder and CEO of Citadel, expects agentic artificial intelligence (AI) to enable a “golden age” of entrepreneurship and eliminate some corporate moats, even as the cost of using AI creates a deep moat around other companies. And while some jobs may be replaced by technology, Griffin says he has found that productivity increases from AI have, instead of reducing headcount, allowed his company to pursue new opportunities.
Griffin shares his views on geopolitical tensions between the US and
China, the need for domestic data center construction in the US, and a range of other factors rippling through global markets in this episode of Goldman Sachs Exchanges: Great Investors, recorded at Goldman Sachs's Apex Symposium.
This episode was recorded on June 2, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to
take any particular action, or an offer or solicitation to purchase or sell any
securities or financial products. This material may contain forward-looking
statements. Past performance is not indicative of future results. Neither
Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Views of the interviewee do not necessarily reflect the views of Goldman Sachs.
Copyright 2026. All rights reserved.

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29 min
July 02 How Will AI Affect Jobs?
Rapid improvements in AI capabilities and growing corporate adoption have led to predictions that the technology could spark large-scale job losses before the end of the decade. Do these concerns have merit? MIT’s Daron Acemoglu and Neil Thompson, and Goldman Sachs Research economist Joseph Briggs discuss with host Allison Nathan. This episode explores the latest Top of Mind report.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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29 min
June 23 What the IPO Boom Tells Us
IPO activity has been on the rise in 2026. What does that tell us about investor sentiment, and what impact could the IPO boom have on US equities going forward? Ben Snider, chief US equity strategist in Goldman Sachs Research, shares his views on whether the rise in public offerings is a sign of market strength or a warning that the market is at its peak.
Recorded on June 22, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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10 min
June 18 Maverick Capital Co-CIOs on Finding the AI Winners
Ben Silver and David Tykocinski, co-CIOs of Maverick Capital, say their investment strategy has, in some respects, been the same for three decades: Rather than trying to time the market, the firm aims to drive performance by taking a long-term view, partnering with management teams, and doing deep diligence on its investments. In an interview with Goldman Sachs’ Tony Pasquariello on the Great Investors podcast, they
discuss the investment opportunities in AI and healthcare as well as their complementary skills in a shared role.
This episode was recorded on June 4th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠
Goldman Sachs does not endorse any candidate or any political party.
Copyright 2026. All rights reserved.

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23 min