Goldman Sachs says Waller remarks may not be a major event risk, with oil seen as the bigger market driver

Goldman Sachs strategist Rich Privorotsky said on Aug. 28 that oil price moves may matter more to markets than the Jackson Hole symposium. In Goldman’s view, investors may be paying too much attention to Waller’s upcoming remarks while underestimating how oil feeds into inflation and broader financial conditions. The bank said a pullback in oil prices could lower inflation expectations, ease pressure on consumers, and push long-dated U.S. Treasury yields lower. That, in turn, would reduce valuation pressure on equities and support risk assets. Privorotsky added that this year’s Jackson Hole gathering is unlikely to become a major event risk unless Waller’s comments clearly depart from his previously stated policy stance. The note frames oil as a more immediate variable for markets than the symposium itself, at least under current conditions described by Goldman.