by Tyler Durden Sunday, Jun 27, 2021 - 08:50 PM Halfway through 2021, the S&P 500 closed at an all time high and stands just 1% below Goldman's year-end price target of 4300. So far so good, but as the bank's chief equity strategist David Kostin concedes, his forecasts are conditional on macro assumptions: "Inflation will diminish, interest rates will rise, and a portion of President Biden’s fiscal plan will pass into law." And, as Kostin writes in his Weekly Kickstart note, "this future is not guaranteed" and as a result, Kostin's recent client discussions have focused around the risks to the bank's baseline macro forecast.