Welcome to our exchanges Goldman Sachs markets update from March 6th. Every week we sit down with

leaders across the firm to get their quick take on what they're watching in markets and today

we have our first ever guest Amelia Garnett back on from our global markets and

today we have our first ever guest Amelia Garnett back on from our global markets division.

Amelia, welcome to the program.

Thank you so much for having me back.

All right, so Amelia, crazy times on the trading floor.

How does it feel right now to be down there?

It's wild. I mean, these have been some of the most volatile markets during my career at Goldman.

Busiest by far. Yes, it's been very volatile and there's been a lot to keep up with.

So coronavirus is obviously front center for investors and it's led to a lot of volatility.

What's happening?

So modeling and pricing the economic impact of a global epidemic is not something investors would claim to have an edge on.

We've seen unprecedented moves across asset classes.

It's hard to ignore the move lower in equity markets, yields across the globe, the dollar, oil and so on,

and investors are just grappling to manage risk

amidst poor liquidity and respond to the evolving news flow.

So what's been priced into where the markets are right now?

Sure, so to put some context on the moves, rate markets now price for the Fed to cut rates by the end of this year

to around 30 basis points.

And on a forward-looking basis, it looks like they'll never be able to raise rates beyond, let's say, 70 basis points over the next 10 years.

At the same time, inflation expectations are at all-time lows despite the fact that the Fed's cutting rates. So in short the market is

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