“Growth outlook weakens on a Leave decision – we place our forecasts under review.” That’s how Goldman Sachs titled its portfolio strategy research report this morning after the results of the UK Referendum became apparent.
Uncertainty Abounds After U.K. Elects Brexit
This statement accurately sums up what the bank, and other analysts across Europe, the UK, and Wall Street have to contend with. The Brexit vote has torpedoed existing economic forecasts not just in the UK but around the world. What will happen next is anybody’s guess. Goldman writes that “We wait to revise our economic forecasts so as to allow the dust created by the market fallout from the referendum result to settle.” Implying that the bank’s analysts have...
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