This is exchanges of Goldman Sachs where we discussed developments currently shaping markets, industries, and the global economy.

I'm Jake Seawert, Global Head of Corporate Communications here at the firm.

Today we're sharing segments of a client call that was hosted just this morning on Monday, November 9th by Goldman Sachs research. The topic is the macro

outlook for 2021 and specifically the impact of the U.S election results on our economic recovery.

You'll hear from Jan Hatzius, chief economist and

Alec Phillips, our chief political economist. The conversation was moderated

by senior strategist Allison Nathan. Hope you enjoy it.

It's now my pleasure to turn the floor over to your host, Allison Nathan.

Allison, the floor is yours.

Hello everyone and thanks again for joining us on our annual Goldman Sachs Global Macro Outlook webcast. I'm

Allison, Senior Strategist in Macro Research here at Goldman Sachs. And I'm

joined here today by our head of global investment research and chief economist

Jan Hoxias as well as our chief political economist Alex Phillips.

Yesterday we published our 2021 outlook piece, B as in vaccine, shaped recovery.

I'll kick off the call as always with a series of my own questions

for Alex and Yawn, but then we will open up the client's

Q&A.

Please do submit your questions through the webcast.

We'll only be taking questions through the webcast,

and we will get to as many as time permits. So with that, let's go ahead and jump in.

Alec, let's start of course with the US election. It's clear at this point that

Joe Biden will be president and the Democrats will keep the House.

...