Rich Privorotsky, Goldman Sachs' Head of European Fixed Income and Equities Trading, stated in an October 22 interview that the global macroeconomy is undergoing "seismic shifts," moving from a "savings glut" environment to an era of "spending glut" during his career. He noted that AI capital expenditure is expected to exceed $1 trillion over the past year, while most governments globally are running fiscal deficits. This shift has driven up the cost of capital, crowded out lower-quality borrowers, and led to widening credit spreads for CCC-rated debt, even extending to sovereign debt such as French government bonds.