What Triggers a Credit Cycle?

Steven Mnuchin, former U.S. Treasury Secretary and Goldman Sachs partner alum, brings decades of experience navigating financial markets, public policy, and economic crises. In this conversation with David Solomon, Chairman and CEO of Goldman Sachs, Mnuchin shares insights on the current credit cycle, the resilience of the U.S. economy amid unprecedented AI infrastructure spending, cryptocurrency regulation and the future of stablecoins, and lessons learned from managing through the COVID-19 economic shutdown.

This session was recorded at the Goldman Sachs 24th Annual Alternatives Summit on October 21, 2025.

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