Nasdaq 9% Off Its High, Euro Gas Through €100: Goldman's Last "Source Of Calm" Is Central Banks... "Good Luck"

Goldman's FICC desk could not have timed it better.

At 11:05am ET on Friday, with the Nasdaq 100 already down 2.8% at the open, Goldman's Rikin Shah and Cosimo Codacci-Pisanelli published their latest Macro Roadmap note, titled "Risk Jitters" (available to pro subs). The thesis in one line: rates are now stuck between an AI-driven equity drawdown and an energy shock, and the only thing keeping a lid on volatility is a Fed and ECB that have decided not to add to it. A few hours later, Intel crashed the most on record, the Nasdaq 100 closed down roughly 3.5%, Brent touched $118, and the 10Y slid to a six-week low below 4.9%.

The Hawks Who Blinked