Weekly Market Monitor

Chart of the Week Notes: Source: Goldman Sachs Asset Management, Haver Analytics. As of September 30, 2025. Chart shows the US dollar index on the right-hand side and the difference between the US 2-year Treasury yield and global 2-year yield on the left-hand side. The global 2-year yield is based on the weights in the US dollar index, which tracks the dollar’s value against the Euro (57.6% weight), the Japanese yen (13.6% weight), the Pound sterling (11.9% weight), the Canadian dollar (9.1% weight), the Swedish krona (4.2% weight), and Swiss franc (3.6% weight). Liberation Day refers to April 2, 2025, when the US announced new tariffs on a broad range of trading partners. The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved.  Please see additional disclosures at the end of this presentation. 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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