Goldman Sachs cut its outlook for economic growth this year, pointing to troubles in the banking sector.

Closing Bell

Goldman Sachs Trims 2023 GDP Forecast

Goldman Sachs cutting its outlook for economic growth this year, pointing to troubles in the banking sector, specifically hitting smaller banks firm now sees GDP growth at 1.2%. And analysts citing smaller institutions trying to hold on to cash in case they might need it to cover withdraw. So that is leading to lower lending volumes. And as a result, analysts expecting banks to become more strict about who they would lend money to, which could ultimately way down to man and and then therefore actually stem growth. So you see very complex and a lot of moving parts here.