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I"}; Goldman Sachs Singapore} Pte ("GSSP"} and/or Goldman Sachs (Asia) LLC ("GSALLC”). n Australia, this document, and any a
rms ¢ Investment in education and training This demographic aspect of secular stagnation is undeniable. In fact, an October 2016 paper by a team at the Federal Reserve Board, “Understanding the New Normal: The Role of Demographics,””° shows that the slow pace of economic growth since 1980 and the more pronounced decline i
Page: HOUSE_OVERSIGHT_014545 →e negligible returns but come with downside risk, e.g., if the incoming Trump administration’s fiscal policy is more stimulative than we expect or if the Federal Reserve raises interest rates at a more rapid pace than we expect. As we prepared our one- and five-year annualized expected returns for this Outlook and fi
Page: HOUSE_OVERSIGHT_014554 →r month’s level of 2.9%. Headline CPI dropped to 2.3% from 2./% and Core CPI ex-food and energy remain at a low 2.2%, unchanged from the prior month. The Federal Reserve’s preferred inflation indicator, Core PCE, also remains low at 2.0% which is in line with the Federal Reserve’s target, and unchanged from the prior mo
Page: HOUSE_OVERSIGHT_026896 →connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs (Asia)L.L.C.; in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs(Japan) Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman S
Page: HOUSE_OVERSIGHT_026906 →r month’s level of 2.9%. Headline CPI dropped to 2.3% from 2./% and Core CPI ex-food and energy remain at a low 2.2%, unchanged from the prior month. The Federal Reserve’s preferred inflation indicator, Core PCE, also remains low at 2.0% which is in line with the Federal Reserve's target, and unchanged from the prior mo
Page: HOUSE_OVERSIGHT_026911 →connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs (Asia)L.L.C.; in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs(Japan) Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman S
Page: HOUSE_OVERSIGHT_026921 →Entities connected to both Federal Reserve and Goldman Sachs (Asia) L.L.C.

Donald Trump
PERSON
Barack Obama
PERSON
Marc Rich
PERSON
United Kingdom
LOCATION
Goldman Sachs
ORGANIZATION
European Union
ORGANIZATION
United Arab Emirates
LOCATION
Paul Volcker
PERSON
Jerome Powell
PERSON
Chile
LOCATION
Eurozone
ORGANIZATION
Nigeria
LOCATION
Michael Bloomberg
PERSONThe Monetary Authority of Singapore
ORGANIZATION
Seoul
LOCATION
Zurich
LOCATIONthe Prudential Regulation Authority
ORGANIZATION
Goldman Sachs International
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONGoldman Sachs & Co. LLC
ORGANIZATION