Macro news and views 2

Higher bond yields: how concerning? 3

Interview with Mark Zandi 4

Interview with Tobias Adrian 6

A long history of US rates 8

Higher rates & DM growth: rules of thumb 9

Rising rates: key questions answered 10

A modest US growth drag 12

A look at growing global fiscal risks 14

Higher rates, greater US fiscal pressure 15

Rates won’t derail equities, for now 16

Rates risk in credit 18

Q&A: impact of higher rates on financials 19

When to yield to bonds 22

Multi-asset implications of rising rates 23

Q&A on US Treasury buybacks 24

Summary of our key forecasts 25

Glossary of GS proprietary indices 26