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  • Stocks are regularly advancing to record highs, but some Goldman Sachs clients are getting uneasy.
  • Strategists noted three key alternative outcomes for the market that go against the consensus.
  • Here’s how to invest if inflation, interest rates, and tax reform deviate from expectations.

Some Goldman Sachs clients are getting anxious as US stocks charge to record high after record high, a team of the firm’s strategists led by David Kostin wrote in a June 25 note.

Among their concerns are the answers to questions such as: “What if inflation isn’t transitory? What if interest rates miss expectations? What if tax reform doesn’t pass?”

The first question became even more pressing on Tuesday after the Labor Department released data showing that consumer prices are rising by more than economists expect. In June, the consumer-price index (CPI) jumped 0.9% from May and 5.4% from a year earlier, driven primarily by the costs of used cars.

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