Goldman Sachs Reports Traders Flocking Back to the Dollar—Because Old Habits Die Hard

Wall Street’s favorite relic gets a second wind as investors—shocking no one—default to the ’safe’ play. Meanwhile, crypto traders yawn and check their hardware wallets.

Goldman’s latest data shows institutional players dusting off their dollar positions like a boomer finding their AOL password. The dollar’s ’resurgence’ comes with all the fanfare of a fax machine revival tour.

Pro tip: When the suits zig back to fiat, that’s usually when the real degens start loading up on Bitcoin.

Goldman Sachs says demand for Chinese stocks and bonds remains firm

Waldron stressed that American financial firms can still work in China even as the two governments have disagreements.

“I wouldn’t overstate the challenges between the two governments in terms of our ability to operate,” he said. “We can operate. The American firms are operating.”

Companies, meanwhile, are studying how higher tariffs affect costs. “How much of this are we going to pass through on price? How much of this are we going to push back on our suppliers? Who’s going to bear the brunt of these tariffs? And the answer is it will be shared,” Waldron observed.

The tariff problem has also slowed mergers and acquisitions. “If you were working on an M&A transaction, you were getting started on it or you were getting into it, you’re probably pausing it,” Waldron said.

Yet deals that are almost finished may still close. “If you were at the five‑yard line and you were getting close to announcing it and it’s not overly impacted by tariffs, you’re probably going to go ahead and do it, and we’ve seen both,” he explained.

Goldman Sachs is advising Hong Kong conglomerate CK Hutchison on selling most of its $22.8 billion ports business to U.S. firm BlackRock, sources said earlier.

On a wider scale, the number of M&A contracts announced worldwide fell in April to the lowest level in more than 20 years, Dealogic data show.

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