Goldman says it's eyeing the risk of a deeper market correction that will leave investors few places to hide

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• Goldman Sachs flagged the risk of a deeper stock decline, with bonds offering little protection.
• Strategists outlined a bear-case scenario in which the S&P 500 could drop another 8%.
• Bonds haven't been acting like safe havens, largely due to higher inflation expectations.

Goldman Sachs sees the potential for more pain in the stock market and warns that investors may have fewer options as they seek safe havens.

In a note to clients on Thursday...