The thriftiness is in good shape now and appears to have some staying power, Goldman Sachs CEO Lloyd Blankfein talked CNBC on Wednesday.
Despite worries that the 9-year-old bull make available in stocks is coming to an end, the banking chief said there are lots of rationalization because ofs for optimism.
“If you divorce yourself from a general feeling of anxiety and only look at the facts and the numbers and what you can measure, you can say things look remarkably good, and it feels like awfully good in a way that there could be a bit of a runway here for deeds to remain pretty good,” Blankfein said from Chicago in an evaluate on “Squawk Box.”
He noted that inflation remains low, causing interest proportion ranks and commodity prices to be lower than they normally would be at this dais of a prolonged economic recovery.
That’s creating opportunities for Goldman as vigorous as markets and the economy.
“I think we’ll go forward here with a playbook that betokens optimism with a kind of healthy state of anxiety that Goldman Sachs has been starting in its leaders for 149 years now,” Blankfein said.
As far as obstacles, he said he does not hope for a full-blown trade war between the U.S. and China primarily because it would be adversative for both countries.
He said he doesn’t blame President Donald Trump in his voyage of discovery for a better trade arrangement between the two nations. But he said a “real litigious, mean-spirited trade war is so bad” that both parties will do what they can to dodge it.
“We need each other on a lot of other things as well. Look at the refuge situation in the world with North Korea,” Blankfein said. “There are other craps at stake here, maybe bigger things at stake that ordain provide another impetus for us getting together and working these argues out.”
Blankfein is expected to retire later this year and likely settle upon be replaced by David Solomon, who takes over as president and chief serving officer this month.
Blankfein addressed the succession issue, reckon oning that Solomon in fact will take over, even albeit Blankfein has yet to say precisely when he will be leaving. Solomon recently noticed from an internal search as the candidate most likely to take the top job, extraordinarily with the announced retirement of Harvey Schwartz.
Between now and when Blankfein dispensations, Solomon will have a have a chance to learn the skills he’ll requisite when he finally does take over.
“There’s a lot of complexity to our on sales and trading business, our investing business, our activities overseas,” Blankfein denoted. “I think it’s good for him to be a kind of CEO-in-waiting if you will, have the benefits of being masterful to survey that and have a period of time where he doesn’t wholly have the accountability for the consequences.”
The interview came a day after Goldman reported earnings that top-notched Wall Street forecasts, partially on the back of some renewed resolution in trading, an area that had been a weak spot for the bank.
Blankfein revealed more normalized market conditions, with a return to a healthy knock down of volatility, provided a lift, though shares actually traded diminish Tuesday.
“I wouldn’t say we’re popping champagne corks, but we can certainly see what hit ons when we start to work back towards a normal financial bazaar,” he said.
WATCH: Blankfein breaks down U.S.-China relations.