New Worries

25 snips

Mar 6, 2026

Josh Schiffrin, Chief Strategy Officer and Head of Financial Risk at Goldman Sachs, offers concise market strategy perspective. He discusses reactions to a weak payrolls report and noisy data. He explores geopolitical risk widening uncertainty and oil-driven inflation. He outlines positioning choices, volatility focus, and why the conflict is the market epicenter.

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INSIGHT

Weak Payrolls Masked By Noisy Drivers

The February payrolls print was clearly weaker than expected and may include transient noise from the birth-death model and weather.
Josh Schiffrin highlights the unemployment rate rising to 4.4% as the key variable to watch for labor market health.

INSIGHT

Geopolitics Reverses Early Year Market Themes

Geopolitical tensions have widened uncertainty bands and reversed January–February themes of strong growth and easing inflation.
Higher oil prices hurt growth, raise inflation, and may make the U.S. relatively stronger versus the rest of the world.

INSIGHT

Mixed Data Raises Stakes, Not A Definitive Shift

The week's data mix is more worrying than a week ago but not uniformly disastrous; non-manufacturing ISM and other indicators were stronger.
The weak payrolls ups the ante for the next report rather than conclusively changing the outlook.

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A weaker-than-expected employment report, and increasing geopolitical concerns, are leading to significant market volatility. How should investors make sense of this environment? Josh Schiffrin, Chief Strategy Officer and Head of Financial Risk for Goldman Sachs Global Banking & Markets, discusses with Chris Hussey on the Goldman Sachs trading floor.

Recorded on March 6, 2026.

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