Goldman Sachs upgraded its 3-month global equities rating to overweight in its latest asset allocation report, and its 12-month bonds rating to overweight, believing that the medium-term allocation value of long-duration bonds is rising and is expected to gradually shift from a drag to an effective hedging tool. At the same time, Goldman Sachs downgraded its 3-month credit bonds rating to underweight. Goldman Sachs noted that its macro baseline scenario leans optimistic, a "Goldilocks" combination of healthy economic growth, low recession risk, and persistent disinflation.