This is at Goldman Sachs, where we discuss developments currently shaping markets industries and the global economy.

I'm Allison Nathan a senior strategist in Goldman Sachs research.

In today's episode we're going to take a closer look at how the recent jump in Bonneels is battering stocks and in particular

shares of tech and other high-growth companies.

For perspective, we're sitting down with David Kosten, Chief U.S. Equity Strategist in Goldman Sachs Research and Jonathan Sugar who manages

equity sales on the cross-asset sales team in our global markets division.

David John welcome to the program.

Thanks Allison.

Thanks Allison. Great to be program. Thanks, Allison. Thanks, Allison.

Great to be here.

John, let's just start with you.

Can you just give us a sense of really what is going on in the markets?

What is the market pricing right now in terms of rates?

So Allison, I think it's important that you remember where we start from. We've been on a

wild roller coaster. When I was talking to clients back in September of last year,

22 was actually supposed to be a very accommodative year from the Fed,

where you were just seeing some taper and no rate hikes.

Flash forward to January, we've now priced in four rate hikes this year,

and I think something like 1 spot 75% fed funds by the end of next year.

So the question really is, has that done enough of the hard work

for equities in terms of re-pricing? For a lot of these growth stocks it's been a great story on the

way up and a lot of hard math on the way down.

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