Welcome to our exchanges at Goldman Sachs markets update for Friday, January 8th.

Each week we check them with a leader across the firm to get a quick take on what they're watching in markets.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm, and today we're sharing

a segment of a client call that was hosted earlier today. The call was titled the Biden agenda,

perspectives on the 2021 policy priorities. And for this markets update

podcast we'll hear from Jan Hatzius, the firm's chief economist on his

outlook for the global economy in 2021 under the Biden administration. The

conversation was moderated by Joe Wall who works in our Goldman Sachs Office of Government Affairs.

Now, over to Joe.

I would like to bring in one of my colleagues at the firm, Jan Hatzius.

Jan is the head of the Global Investment research division in the firm's chief economist.

Yahn, hello, and good morning.

Good morning.

Good to see you.

Thank you.

You came into the year with a clearly above consensus growth forecast.

However, today's U.S. Unemployment report showed a 140,000 payroll decline in December,

the first drop since April. How much does today's number were you?

Well, it certainly illustrates that the coronavirus escalation that we've seen over the last couple of months,

the third wave, if you look at it at a... that we've seen over the last couple of months.

The third wave, if you look at it at a national level,

is having significant negative effects.

...