President Trump has called the Goldman Sachs (GS) research team to forecast on the stock exchange, which did earlier during the year, which initially predicted the S&P 500 (^GSPC) will end the year as the US economy has entered the recession after the initial tariff ads for the Liberation Day for the Liberation Day for Liberation Day.
Moreover, Trump headed to Goldman Sachs CEO David Solomon in a social post on Tuesday, while swinging at the hobby of the executive as DJ.
“David Solomon and Goldman Sachs refuse to give credit where a loan is due,” Trump wrote in a Tuesday publication in Truth Social, while praising revenue from tariffs and a stock exchange that moves close to record maximums. “They have made a bad prediction a long time ago on both the market reflection and the tariffs themselves, and they have been wrong as they are wrong for so many others. I think David has to come out and make a new economist, or maybe he just has to focus on being a DJ, not bothering to manage a major financial institution.”
Goldman Sachs declined to comment on the publication.
On April 9, the Goldman Economic Research Team joined a growing list of Wall Street economists, who believe that the potential hit of growth from Trump’s aggressive tariffs will push the US economy into a recession in 2025.
But on the same afternoon, Trump put a 90-day pause on a wide range of its so-called “reciprocal” tariffs and Goldman quickly tossed back his call for a recession.
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Over the same period in the spring, the Goldman’s Equity Strategy team was among more than 10 Wall Street companies tracked by Yahoo Finance, which reduced their target for the year for the S&P 500 as a stock market that faced the tariffs.
The team of the Strategy for the Shares, led by David Kostin, moved its target at the end of the year for the S&P 500 to 5,700, which would reflect a negative year for the comparison indicator. But as the market gathered, Kostin, along with many others at Wall Street, became more positive for the shares. Kostin now sees the S&P 500, ending the year at 6,600, or approximately 3% higher than where the index was traded on Tuesday.
Solomon’s call is only Trump’s latest example to criticize the bosses of the largest banks in the country. Last week, during an interview with CNBC’s Squawk Box, Trump named Bank of America CEO Brian Monihan and JPMorgan Chase CEO Jamie Dimon, claiming that their banks, along with others, “discriminate against me,” as he refuses bank services.