Indexed Return of Cyclicals vs. Defensives and Consensus Forward 4-Quarter U.S. GDP Growth

Market pricing tells a story of cooling momentum. Relative performance between cyclicals and defensives points to roughly 1.2% real GDP growth for the U.S., well below Q4 consensus.

Image: Goldman Sachs Global Investment Research

Indexed Return of Cyclicals vs. Defensives and Consensus Forward 4-Quarter U.S. GDP Growth