Weekly Market Monitor

Chart of the Week Notes: Source: GS GIR and GS Asset Management. As of July 30, 2025. Chart shows the share of tariff cost that will be shared by US consumers, US businesses, and foreign exporters according to Regional Federal Reserve Business Surveys as of June 23, 2025, versus current projections from Goldman Sachs Global Investment Research. *Combines information from surveys conducted by the Federal Reserve Banks of New York and Atlanta. For illustrative purposes only. 'We' refers to Goldman Sachs Asset Management.

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References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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