Welcome to our exchanges of Goldman Sachs markets update for March 20th.

Every week we sit down with leaders across the firm to get their quick take on what they're watching in markets

and it's been an interesting week.

We're recording under slightly

different circumstances. A lot of us are in work from home mode and I'm Jake

Seaward and today's guest is Joe Montezano of our Global Markets

Division. Welcome Joe. Thank you. Thanks for having me. Before we dive in an analysis just give us a quick intro explaining what you do here at Golden.

Sure. I run our America's equities trading as well as I have a bit of a global role in our global program

trading. I've been here for 21 years. I've probably done just about everything across the equities trading landscape in my in my career

or some version of it and I'm a Goldman-Lifer. Let's talk about the week. Another week of

extreme volatility in equity markets, you know the Fed cut rates to nearly zero over the weekend.

A lot of times people expect that they have a big impact on equity markets but how's the

equity market responded to that so far?

Yeah, I think the first reaction from a lot of our clients and from the marketplace was that

similar reaction to the crisis when maybe participants thought that the Fed didn't really get the

severity of the current crisis. I think that was a misinterpretation and I

think the market is starting to figure that out. I think that the

Fed is doing basically all that it can do and that market participants are now fairly satisfied and the market often wants the Fed to be quicker than they're

probably likely to do or they want them to go outside of their remit, but if you look back at it and you look at what Powell has been doing, it is very aggressive by historic standards.

It's certainly in crisis management mode, but he's following the right protocols.

I think what the market was looking for was some sort of fiscal response, which of course is not the Fed's duty.

So we're getting an unprecedented response or an unprecedented crisis.

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