Goldman's Hedge Fund Honcho Outlines "The Core Tension" That's Playing Out In Markets In Real-Time

Here’s the basic setup, according to Goldman Sachs head of hedge fund coverage, Tony Pasquariello:

• the majority of people that I speak with still expect a US recession.

• market participants are questioning the sanctity of THE risk free asset.

• and, the Fed may not budge anytime soon.

• despite all of that, the S&P has been screaming higher ... is marked down just 3% YTD ... and trades on a P/E multiple that ranks in the 85th percentile of the past 25 years.

Pulling things together: