Goldman Sachs has assessed a 30% probability of a U.S. recession, a figure that might typically raise concerns among investors. Despite this, global stock markets remain buoyant, with some market participants describing betting against current market momentum as "almost irrational." This sentiment reflects a notable complacency toward recession risks in risk assets. In response to these economic uncertainties, Goldman Sachs has shifted its investment preference in Asia from high-yield debt to investment-grade dollar bonds. This move is driven by concerns about the U.S. economy and expectations that the Federal Reserve will pursue policies supportive of growth. The firm advises investors to focus on Asian high-grade debt as growth risks continue to intensify in the region.