Goldman Sachs Forecasts Strong 2024 US Growth Despite Cautious Market Outlook

• Goldman Sachs predicts strong 2024 US economic growth - 2.5% GDP growth forecast vs 1.4% consensus estimate • Sees significant decline in core inflation due to falling shelter costs and supply chain improvements • Expects robust labor force growth from elevated immigration levels • Despite positive macro outlook, cautious on S&P 500 earnings season due to high stock concentration risks
• Goldman's 12-month S&P 500 target is 5,200, similar to current levels