Goldman Sachs Podcast: Tony Pasquariello on Bond Market Risks and Equity Hedging
Goldman Sachs' 'The Markets' podcast features an episode with Tony Pasquariello, Global Head of Hedge Fund Coverage in FICC and Equities, discussing the impact of rising Treasury yields on equities and potential hedging strategies. This resource is suitable for investors interested in the link between macro rates and equity assets.
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Goldman Sachs' official channel 'The Markets' published a video interview on September 25, 2026, featuring Tony Pasquariello, Global Head of Hedge Fund Coverage in Goldman Sachs FICC and Equities. The episode focuses on whether the bond market poses the biggest risk to further equity gains, given that US 10-Year Treasury yields have climbed to their highest level since 2007.
In the program, Pasquariello suggests that shorting bonds could serve as a useful hedge for stock investments. He notes that while S&P 500 earnings growth has been strong enough to prevent stretched valuations, this increase may begin to taper off, potentially slowing US stock returns from their double-digit annual pace. He also identifies opportunities in Japan’s TOPIX index, driven by shareholder reforms and government spending on defense and industrialization.