Weekly Market Monitor

Chart of the Week Notes: Source: GS GIR and Goldman Sachs Asset Management. As of August 22, 2025. Chart shows median S&P 500 price returns following cuts at or near all-time highs versus unconditional returns following cuts over 3, 6, and 12 months. At or near all-time highs refers to cuts at or within 1% of an all-time high. Unconditional refers to cuts at any point in time over this period. Rate cuts near all-time highs include July 13, 1990; March 8, 1991; October 31, 1991; July 6, 1995; January 31, 1996; September 19, 2019; October 31, 2019; September 19, 2024; November 8, 2024.12-month forward returns do not account for any rate cut on or after September 2024, as the data is not available yet. Past performance does not guarantee future results, which may vary. For Illustrative Purposes Only.

Risk Considerations and Disclosures

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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Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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