Crypto: a new asset class? May 24, 2021
Amid the recent volatility in cryptocurrencies, we ask experts whether cryptos can and should be considered an institutional asset class, including Galaxy’s Michael Novogratz, NYU’s Nouriel Roubini, Grayscale’s Michael Sonnenshein, and GS’s own Mathew McDermott. And GS research analysts also weigh in. We then speak to former SEC advisor Alan Cohen, Trail of Bits’ Dan Guido, and Chainalysis’ Michael Gronager to explore the regulatory, technological, and security obstacles to further institutional adoption.
Reflation Risk April 1, 2021
The largest US fiscal stimulus outside of war times and the Fed’s commitment to keep monetary policy easy until higher inflation is sustained have stoked concerns the economy’s recovery will turn into overheating. Given that GS growth forecasts are at the high end among forecasters, our Fed views are at the dovish end, and yet we don’t expect problematic overheating, Top of Mind puts our own Jan Hatzius in the hot seat. He explains why there is more slack in the US economy than suggested by official estimates and how that will restrain inflationary pressures as temporary stimulus fades. We then ask our strategists what this means for bond yields (a moderate rise from here) and other assets (more upside for cyclical assets), and how to protect portfolios from reflationary risks.