By reducing its share count, Goldman may be smoothing a new path towards earnings records, this time focusing on earnings per share over other metrics like return on equity, which remain stubbornly low.
"The monthly up-and-down pattern in the saving rate over the course of the second quarter reflects nothing more than consumer smoothing through transitory income fluctuations--in this case, due to the one-time stimulus payments, " said Mike Feroli, senior economist at JPMorgan Chase.