Press Release of the Day – 6th April
Notes from Goldman Sachs
In a new Top of Mind publication, we feature interviews with three energy experts, Pulitzer Prize-winning author, Daniel Yergin, PIRA Energy Group Founder, Gary Ross, and our own head of Global Commodities Research, Jeff Currie. They discuss the enormity of the current oil shock, how we got here, and what’s in store—namely, sharply lower, and even negative, crude oil prices as oil infrastructure is overwhelmed by the supply surge. But they also argue that the sharper the price decline, the sharper the eventual rebound as oil production is shut in. We conclude that all of this will lead to a healthier global oil industry. And we discuss why this will be painful for credit markets, but likely won’t pose systemic risk.
We published a new episode of Talks at GS with ABC News Chief White House correspondent Jonathan Karl, who discusses covering the Trump administration during the coronavirus crisis as well as his insights from covering President Trump for decades, as described in his new book, Front Row at the Trump Show.
In the latest episode of The Daily Check-In, Atte Lahtiranta, Goldman Sachs’ chief technology officer, discusses ways that the pandemic is accelerating the digital transformation of the financial services industry, and the long-term implications across industries.
Bentley de Beyer, Goldman Sachs’ head of human capital management, published a Linkedin post, on measures the firm is taking to support its people during the Covid-19 outbreak.
The latest from GS Research
The Eurogroup will meet next Tuesday (April 7) to discuss measures to deal with the substantial fiscal costs of the COVID-19 crisis. As calls for jointly issued coronabonds have run into resistance, the focus will likely be on measures that rely on partial mutualisation (based on national guarantees) through the activation of existing tools.
Congress has enacted three fiscal relief measures over the last few weeks, providing aid to unemployed workers and state governments, payments to individuals, and loans and tax benefits to businesses. Overall, these programs look likely to increase the federal budget deficit by around $2 trillion (9.6% of GDP), though the cost is uncertain and in any case depends more than usual on the economic outlook.
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