Goldman Sachs (GS) CEO says consumer is still pretty resilient and tariffs are a headwind for the economy

• At the moment, do not see a lot of risks in the credit system.

Commentary from the head of a large US bank on consumer health, tariffs and credit conditions is a recurring genre, and the street reads it less for the headline view than for the tension it contains: pairing a resilient consumer with a tariff headwind is the standard formulation bank executives have used in past trade-policy episodes, where the drag showed up in goods and trade-exposed sectors first while household balance sheets held. The more market-relevant line is the credit remark. Banks of this scale sit on real-time delinquency and charge-off data across cards, autos and commercial lending, so a clean bill of health on the credit system from this seat carries informational weight that macro strategists' opinions do not. Historically, the sequence in tariff-driven slowdowns has been margin compression and cautious corporate guidance well before any deterioration in consumer credit, which makes the absence of credit stress the tell to monitor. The follow-ons are the bank's own card and consumer-lending disclosures at the next earnings print and whether peer bank chiefs echo or contradict the read. As commentary rather than data, the signal is directional and confirmation-seeking.