Goldman Sees "A Cleaner Start" For Markets Heading Into November

A month ago, traders wanted to be long equities into year-end for multiple reasons:

a) the Federal Reserve was on a clear cutting cycle into decent growth

b) the macro backdrop was likely to improve into 2026 on the back of the tax refunds and potential new FOMC composition in May

c) forecast EPS for 2026 from our clients was in the 300-310 range, and