After JPMorgan's Dimon, Goldman Sachs CEO also warns of a slowdown in the U.S. economy.

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Wall Street's concerns about the outlook for the U.S. economy are intensifying. Following JPMorgan Chase, Goldman Sachs has also issued a warning about the U.S. economic outlook.

On Wednesday, September 10, Goldman Sachs CEO David Solomon publicly warned that the U.S. economy is weakening, and pointed out that President Trump's trade policies are impacting growth prospects.

There is no doubt that recent employment data has shown signs of economic weakness, and we must be highly vigilant about this trend.

In a media interview, Solomon said that the weak employment data must be watched "very, very closely," emphasizing that uncertainty in trade policy is weighing on the economy.

Trade negotiations are still ongoing, and there are variables in policy implementation. This uncertainty undoubtedly has a negative impact on economic growth.

He also mentioned that although U.S. producer prices unexpectedly fell in August, he still sees signs of persistently high prices, adding another layer of complexity to the economic outlook.

Converging Views Among Wall Street Giants

Solomon's warning is not an isolated case. On Tuesday, JPMorgan Chase CEO Jamie Dimon was already the first to speak out in a media interview. He pointed out that revisions by the U.S. Department of Labor to employment data confirm that the economy is weakening.

An article by Wallstreetcn this week reports that data revisions released by the U.S. Department of Labor show the ability of the U.S. economy to create jobs is clearly below expectations. A downward revision of 911,000 jobs not only exceeded the upper range of Wall Street's expectations, but also marked the largest revision in over two decades.

However, Dimon also admitted that current economic signals are complex. He said that while most consumers are still spending, their confidence may be shaken; at the same time, U.S. corporate profits remain "strong." He concluded, "There are a lot of different factors in the current economy, and we can only wait and see," but he is unsure whether the economy is headed for a recession or just a slowdown.

Controversy Over Fed Rate Cuts

When it comes to policy tools to address the economic slowdown, Wall Street's views have diverged sharply from those of the White House. Earlier this week, Solomon said at Barclays' Financial Services Conference that since investor enthusiasm is at the "high end," he does not feel the current policy rates are "extremely restrictive," implying there is no urgent need for a rapid rate cut.

This stance stands in stark contrast to the Trump administration's calls for the Fed to cut rates sharply. Against this backdrop, Solomon stressed the importance of the Fed's independence, saying it is important "to recognize how much the Fed's independence benefits all of us."

Dimon is also cautious about the effects of rate cuts. He anticipates that the Fed "may" cut rates later this month, but believes it may "not have a major impact on the economy," implying that a single monetary policy tool has limited effect in the current environment.

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