Goldman Sachs adjusts GDP forecasts due to banking stress and global economic concerns.

Goldman Sachs' chief economist Jan Hatzius has cut his 2023 GDP forecast by 0.3% due to the economic ripple effects of the recent banking crises at Silicon Valley Bank and Signature Bank. The impact of the collapses on bank lending is uncertain, and concerns about stress at some banks persist. Ongoing pressure could cause smaller banks to become more conservative about lending, which could weigh on aggregate demand and economic growth.