President Donald Trump's tariff fight risks elevating the Federal Reserve's preferred inflation rate to about 3%, according to a new baseline estimate from Goldman Sachs. That's a chief takeaway from

Goldman Sachs analysts have lowered their forecast for the S&P 500 this year following a broad sell-off to start this week amid uncertainty around the Trump administration's proposed tariffs and the economic outlook.

Goldman Sachs has trimmed its 2025-end target for the S&P 500 Index to 6,200 from 6,500, citing increased policy uncertainty, particularly on tariffs, and worries about the economic growth outlook.